Agribusiness Update for Tuesday 09/10/13

This is the Agribusiness Update...I'm Greg Martin... Shuanghui International Holdings and Smithfield Foods announced Friday they received clearance from the U.S. Committee on Foreign Investment on their proposed transaction. This decision disturbs National Farmers Union President Roger Johnson - saying the deal represents the sale of one-quarter of U.S. hog processing to a quasi-state owned Chinese enterprise - setting a dangerous precedent in terms of food security and market competition. Congress is returning from the August break with a lot on their plate - including the crisis in Syria, the collapse of the federal budget process, the debt limit, immigration and health care. This means the farm bill - which is set to expire September 30th - is once again fighting for time on the Congressional calendar. 73 groups have asked the Supreme Court to hear their case against Monsanto Company challenging the chemical and biotech seed giant's patents on genetically engineered seed. the plaintiffs have been forced to sue preemptively to protect themselves from being accused of patent infringement should their fields ever become contaminated by Monsanto's genetically engineered seed. That's today's Agribusiness Update from the Ag Information Network.