Turkey price-fixing winding up

 

Class-action lawsuits alleging price-fixing by turkey processing companies in the United States are winding up with federal court approval of a settlement for four companies.

 House of Raeford and Prestage Farms will be paying $18.7 million US to their customers; Purdue and Foster Farmers reached settlements earlier.

In total, $59 million has been paid in class-action lawsuits filed by various groups of customers of Butterball, Cargill, Cooper Farms, Farbest Foods, Foster Farms, Hormel, Jennie-O Turkey Store, House of Raeford, Perdue Farms, Prestage Farms and Tyson Foods.

Corn, soy prices boost farmers’ mood

 

Higher prices for corn and soybeans brought a turn-around in farmers’ moods in the United States, reported Purdue University.

The improvement in July ended three straight months of declines in Ag Economy Monitor it publishes every month based on a survey of about 700 farmers.

Yet only 13 per cent said their financial situation is better than a year ago. About a third of those surveyed said they expect to end the year better than last year.

Only about a half of farmers think the U.S. is headed in the right direction, a sharp decline from the 70 per cent average for the last six months.

Judge certifies farmers beef price-fixing lawsuit

 

A federal judge has certified a nation-wide class-action lawsuit for farmers who claim beef packers conspired to lower prices for their csttle.

The judge dismissed U.S. Premium Beef shareholders from the lawsuit,  but certified it against Tyson Foods, JBS, Cargill and National Beef for cattle they bought between June 1, 2015, and Feb. 29, 2020.

The judge refused certification for traders and suppliers of feeder cattle.

He rejected a motion from the packers to have expert witness Dr. Basil Lamb dismissed from testifying for the farmers.

Ten fire departments fight barn fire

 

Ten fire departments from Huron and Bruce counties fought a barn fire in South Bruce Friday.

Nobody was injured during the response to the barn on Concession Road 4 and Sideroad 25 near Teeswater.

The fire destroyed two structures filled with hay and straw. No livestock were lost.

The Ontario Provincial Police said the fire is being investigated as suspicious.

Loblaws sales, profits increase

Loblaw Cos. Ltd. reported a 4.1 per cent increase in sales and a profit of $751 million compared with $714 million for the second quarter of its fiscal year.

Sales were $15.3 billion.

Same-store sales increased by only 1.6 per cent which is less than food inflation measured by Statistics Canada.

Canadian whey exports to U.S. to be tariffed

 

Canadian exports of whey and similar dairy proteins to the United States are scheduled to be hit with a 50 per cent tariff on Aug. 19.

President Donald Trump repeated attacks on Canada’s supply management system for dairy and poultry when he signed the new executive order.

Canada is exporting about $200 million worth of dairy proteins to the U.S., most of it whey.

There is keen demand for protein foods, much of it stemming from the injection of GLP products to reduce weight and control diabetes.

Canada ‘s dairy industry has long sought markets for skim milk powders and whey and before it discovered a way to export to the U.S., was selling its surplus as feed for calves and other livestock.

AGCO sales down 19.7 per cent

 

Farmers are tightening their belts and are reducing new machinery purchases, prompting AGCO to adjust production and dealer inventories.

Its sales in North America were down by 17.9 per cent for its second fiscal quarter and by 15 per cent for the first half of the year.

It fared better on world-wide totals which were down by only one per cent in the second quarter.

“While near-term market conditions are difficult, we are confident in the strategic actions we have taken to strengthen AGCO's competitive position and are committed to executing our Farmer-First strategy, expanding technology adoption and creating long-term value for our shareholders,” said Eric Hansotia, AGCO's chairman, president and chief executive officer.