CFTC Panel Mtg Puts Focus On Price Convergence Frustration

CHICAGO (Dow Jones)--The U.S. grain industry is looking ahead to a meeting of the Commodity Futures Trading Commission's Agricultural Advisory Committee next week amid frustration over a lack of convergence between futures and cash prices.

Argentina Oilseed Area Seen Way Up, Corn Down On Farm Fight

BUENOS AIRES (Dow Jones)--Ongoing tension between the Argentine government and farmers and a return to a lower export taxes on grains will spur a sharp increase in soybean and sunflower seed planting at the expense of wheat and corn, according to analysts. With corn and soy planting set to kick off in September and October, soybeans appear poised to steal the show again.

STORIES OF INTEREST:

USDA Report: Cattle-On-Feed Report Called Negative To Nearbys

KANSAS CITY (Dow Jones)--The U.S. Department of Agriculture's monthly cattle-on-feed report Friday was called negative to nearby futures contracts, but the effect could be overruled by cash action this afternoon. Market analysts and traders said after the report's release that the marketings number, at 92% of a year ago, was the standout number of the report. It was below the average pre-report estimate of 95% and outside the range of trader estimates.

USDA Report: Traders Call Cattle-On-Feed Data Mixed For Futures

CHICAGO (Dow Jones)--Traders gathered on the floor of the Chicago Mercantile Exchange on Friday for the U.S. Department of Agriculture's monthly cattle-on-feed report called the outcome mixed for futures on Monday.

Beef/Pork Price Spread Narrowing

KANSAS CITY (Dow Jones)--The spread between U.S. wholesale beef and pork prices continued to narrow this week, closing to $74.91 as of the close of business Thursday. U.S. Department of Agriculture reported the choice-beef cutout value at $160.38 per hundredweight and the pork cutout at $85.47.

Australia-Japan Trade Talks Resume Next Wk; Commodity Focus

CANBERRA (Dow Jones)--A sixth round of talks on a proposed free trade agreement between Australia and Japan begins in Tokyo next week with trade in farm, mineral and energy products again set to play a major role, an Australian official said Friday.

EU Adviser Doesn't Support Cloned Animals' Meat, Milk -Report

A food safety adviser for the European Union issued its final report Thursday on meat and milk from cloned animals, saying the data are too scarce and irregular to be certain the products are safe, The New York Times reported.

US Court Rules To Limit Grazing On Idled Farm Land

WASHINGTON (Dow Jones)--The U.S. Department of Agriculture's efforts to open up its Conservation Reserve Program to allow haying and cattle grazing on idled farm land this summer were restricted Thursday by a U.S. District Court ruling.

Argentina's First-Half Beef Exports Down 17% On Year - Govt

BUENOS AIRES (Dow Jones)--Argentina exported 162,644 metric tons of fresh and processed beef during the first half of the year, down 17% from the same period in 2007, the animal and food-inspection agency, Senasa, said Thursday. However, the value of beef exports during the period totaled $653 million, up 11% on the year, Senasa said.

THE MARKETS:

CME Livestock Review: Cattle Complex Ends Lower, Most Hogs Wilt

CHICAGO (Dow Jones)--Chicago Mercantile Exchange live cattle settled lower Friday on listless wholesale beef demand, cash cattle price jitters and anxiety before two cattle reports Friday afternoon. Feeder cattle also posted losses and lean hogs finished generally lower. However, pork bellies settled mostly higher with August limit-up for a third day in a row.