Agribusiness Update for Thursday 5/30/13

This is the Agribusiness Update...I’m Greg Martin...

The Scientific Commission for the World Organization for Animal Health has voted to upgrade the U.S. risk classification for BSE to negligible risk status. U.S. Ag Secretary Tom Vilsack says this is a significant achievement that has been many years in the making for the U.S., American beef producers and businesses and federal and state partners who work together to maintain a system of interlocking safeguards against BSE that protect public and animal health.

A central China-based meat processing company is acquiring Smithfield Foods for 4.7-billion U.S. dollars. It’s reported that Shuanghui offered 34-dollars a share for Smithfield - a 31-percent premium to its closing stock price on Tuesday. The Chinese company will assume 2.4-billion of Smithfield's debt. This would mark the largest Chinese takeover of a U.S. company.

Landowners can now apply for the voluntary Wetlands Reserve and Grassland Reserve Programs. A new round of funding authorizes 255-million dollars to enroll up to 100-thousand additional acres into WRP and 47-million dollars to enroll up to 200-thousand additional acres into GRP. Sign-up dates and deadlines vary by state so contact your local NRCS office.

That’s today’s Agribusiness Update from the Ag Information Network.