Agriculture
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As China pushes forward with its urbanization push, some farmers are being forced to trade in their ploughs for urban life. CNBC's Eunice Yoon sent us this report from Chonqing.
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*Coffee at Sept 2009 lows on supply glut fears. *Corn down as USDA crop reduction below expectations. Cotton jumped more than 2 percent, leading gains for the day and rallying for a third session in a row after the U.S. Department of Agriculture slashed production estimates for the fiber.
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BUENOS AIRES, June 12- Corn exports from grain powerhouse Argentina may be delayed next week as farmers go on a five-day strike to protest the government's policies, traders said on Wednesday.
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AUGUSTA, Maine-- Maine food retailers would have to put special labels on products that contain genetically modified ingredients, under a measure advanced by the House on Tuesday. Maine residents have the right to know whether they're eating foods that have been genetically modified, which they say can lead to potential health risks, supporters of the bill say.
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*Goldman Sachs 3- month sugar price forecast 17.5 c/lb. LONDON, June 12- ICE raw sugar futures steadied above a three-year low on Wednesday as traders digested data showing Brazil's harvest remained on track for a record cane crush.
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*Unica: Brazil's center-south late May sugar output falls 11 pct. *Brazil's mills allocate 41.8 pct cane to sugar, 58.2 pct to ethanol.
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LINCOLN, Neb.-- Drier weather has allowed Nebraska farmers to catch up on soybean planting, baling hay, and applying chemicals to fields. The U.S. Department of Agriculture says in Monday's crop update that corn is 98 percent fair, good, or excellent and 2 percent is poor or very poor.
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SIOUX FALLS, S.D.-- Cool and wet conditions are continuing across South Dakota and have limited farmers' ability to complete fieldwork. The U.S. Department of Agriculture says in its weekly crop report that producers had on average only 4.2 days suitable for fieldwork. Winter wheat was jointed at 65 percent and headed at 8 percent.
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DES MOINES, Iowa-- Iowa farmers endured another wet week largely keeping them out of the fields. The U.S. Department of Agriculture says in Monday's crop update that 92 percent of Iowa's corn is now planted. State Climatologist Harry Hillaker says temperatures were below normal every day last week at all locations in the state.
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FARGO, N.D.-- North Dakota's ongoing wet weather is continuing to halt or slow planting progress across the state. The U.S. Department of Agriculture says in its weekly crop report that there were 3 days suitable for fieldwork on average last week. Spring wheat seeding is rated just 77 percent complete, trailing last year's 94 percent average.
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Fruit and fresh vegetable distributor Dole Food said it received an unsolicited offer from Chief Executive David Murdock, who put an enterprise value of $1.5 billion on the bid.
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WASHINGTON, June 10- The Democratic-run U.S. Senate passed a $500 billion, five-year farm bill on Monday that expands a taxpayer-subsidized crop insurance program and rejects sweeping cuts in food stamps for the poor being pursued in the House of Representatives.
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The company won another round against organic growers as a court threw out their suit to keep Monsanto from suing if traces of its biotech genes are found in crops.
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Among the stock activity stories for Monday, June 10, from AP Business News:. _ Facebook Inc.' s shares rose after a Stifel analyst upgraded his rating on the social media company's stock. _ Shares of food maker Monsanto Co. rose on reports that China may approve some genetically modified soybeans for importation.
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June 10- Last-minute legislative maneuvers in Missouri may remove one potential legal obstacle to Shuanghui International Holdings' proposed $4.7 billion purchase of Smithfield Foods Inc, which would be China's largest purchase to date of a U.S. company.
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Japan and South Korea canceled purchases of U.S. wheat after the discovery of the experimental wheat developed by Monsanto Co. The furor erupted just days after a May 25 protest in cities around the world targeting Monsanto, the leading developer of crops with transgenic DNA.
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June 10- Monsanto Co. on Monday won another round in a legal battle with U.S. organic growers as an appeals court threw out the growers' efforts to stop the company from suing farmers if traces of its patented biotech genes are found in crops.
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The U.S. Court of Appeals for the Federal Circuit affirmed a federal court ruling out of New York that found organic growers had no reason to try to block Monsanto from suing them as the company had pledged it would not take them to court.
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NEW YORK-- Shares of food maker Monsanto Co. rose on Monday on reports that China may approve some genetically modified soybeans for importation. THE SPARK: After meeting with China's agriculture minister, several analysts said China's agriculture minister Han Changfu indicated he would approve Monsanto's Intacta soybeans for importation.
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SAO PAULO, June 10- Brazil's JBS SA will acquire Marfrig Alimentos SA's local poultry and pork unit for $2.75 billion in assumed debt, further extending its reach beyond its core beef business in a deal that throws a lifeline to its financially strapped rival.
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