Agribusiness Update for Friday 6/07/13

Agribusiness Update for Friday 6/07/13

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

The U.S. produced an average of 885,000 barrels per day of ethanol last week, up 2.6% from the week before and the biggest weekly tally in more than 11 months. Supplies of the biofuel rose to 16.4 million barrels, up 2.3% from the previous week and the biggest gain since Jan. 25. Ethanol-blended gasoline accounted for 89% of the country's gasoline supply, down from 96% the week before.

Ag Secretary Tom Vilsack has commented on the genetically modified wheat found in Oregon saying that quote “this was “A” finding of a very small number of plants on 123 acres of land. There’s no indication that this particular circumstances found its way into the stream of commerce in terms of wheat or flour that’s being sold.”

Senate Majority Leader Harry Reid filed for a cloture vote on the farm bill late Tuesday. More than a hundred farm and conservation groups have sent a letter to all Senators urging them to vote for cloture. The letter states the farm bill is a vital piece of legislation for the farmers and ranchers producing food, feed, fiber and fuel for the United States.

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

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