Wed, 07 Nov 2007 16:16:00 GMT
Dairy products maker Saputo Inc. plans to continue
expanding as a global player as it reported a second-quarter profit of $62.5 million - or $65.5 million excluding a one-time tax charge.
That compares with year-ago earnings of $58.3 million. However, shares closed lower Tuesday on the Toronto Stock Exchange at $53.10, down $4.01 or seven per cent.
Chairman Lino Saputo recalled problems in the global dairy market during a conference call, but insisted the company is positioned to succeed.
“We intend to pursue our expansion and become an even stronger player in the global dairy industry,” said Saputo during a conference call with analysts
Posted in News
Wed, 07 Nov 2007 16:02:00 GMT
Burrito chain Chipotle Mexican Grill Inc. said Monday it will no longer serve cheese made with milk from cows treated with growth hormone rBGH.
The synthetic hormone, which stimulates milk production in dairy cows, has sparked controversy since it was first approved by the Food and Drug Administration in 1993. Farmers can produce more milk per cow and thereby take in more revenue by using the hormone, but advocacy groups have questioned its effects on humans.
Chipotle said it is the first national restaurant chain to get rid of rBGH entirely from its menu items.
The chain said it began using rBGH-free sour cream last year and has begun switching to rBGH-free cheese. The switch will be complete by the end of the year, the company said.
Posted in News
Wed, 07 Nov 2007 15:57:00 GMT
The Bush administration
threatened to veto a multibillion-dollar farm package on Monday, saying the Senate bill doesn’t cut farm subsidies enough and would threaten World Trade Organization negotiations.
The veto threat came as the Senate started debate on the $288 billion bill, with opponents vowing to reduce the billions of dollars in annual subsidies paid to growers of corn, wheat, cotton, rice and other major crops.
Posted in News
Fri, 02 Nov 2007 20:34:00 GMT
Total cheese production slipped below year-ago levels in September.
Output was 777.5 mil. lbs., down 1.4% from a year ago
Cheddar cheese production continues to decrease with Sept. production just 232.9 million lbs., down 8.4% compared with Sept. 2006.
Posted in Statistics
Fri, 02 Nov 2007 15:01:00 GMT
International markets continue to provide profitable outlets for U.S. dairy producers, as evidenced by strong export growth during the first six months of 2007. From January through July, U.S. dairy exports
increased 32% from a year ago. This represents more than 11% of U.S. milk production (on a total solids basis), up from 9.3% for 2006. Analysts predict exports could top $2.4 billion this year if the trend continues.
Posted in News
Fri, 02 Nov 2007 14:21:00 GMT
The
Announced Class IV price for Oct. is $21.31. This represents a $0.30 decrease from Sept. and a $9.80 increase from Oct. 2006.
Posted in Dairy-Related Prices
Fri, 02 Nov 2007 14:17:00 GMT
The Announced
Oct. Class III price is $18.70, a decrease of $1.37 from the Sept. level and a $6.38 increase from Oct. 2006.
Posted in Dairy-Related Prices
Tue, 30 Oct 2007 19:44:00 GMT
The Dairy Title to the 2007 Farm Bill looks very similar to the House version except (1) the payment rate of the MILC program is increased from 34% to 45%, (2) the allowable milk marketing under the MILC program is increased from2.4 mil. lbs. to 4.15 mil. lbs. from Oct. 1, 2008-Aug. 31, 2012 and (3) dairy product assessments are not applied to dairy product imports. A summary of the Dairy Title can be found
here. A complete copy of the Chairma Harkin’s markup of the complete bill can be found
here
Posted in News
Tue, 23 Oct 2007 11:52:00 GMT
The
Sept. butter stocks
declined by more than 18 mil. lbs from Aug. but are at the highest Sept. value since 1993.
Posted in Statistics
Mon, 22 Oct 2007 20:44:00 GMT
Sept. end-of-month
American cheese stocks
were 542.9 mil. lbs., a decrease of 2.7 mil. lbs. from Aug. American
cheese inventories typically decline more in September than any other
month. This could be the smallest decline in Sept. commercial American cheese inventories since 1987.
Posted in News
