Agribusiness Update for Monday 11/23/15

Agribusiness Update for Monday 11/23/15

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

The Food and Drug Administration has denied a petition from the Center for Food Safety for mandatory labeling of food with genetically modified ingredients. The announcement also included guidance issued for food companies who choose to label food derived from genetically engineered salmon and crops. FDA Associate Commissioner for Policy Leslie Kux wrote "Your petition does not provide a sufficient basis for FDA to rescind or otherwise deviate from its 1992 policy."

An American Farm Bureau price survey shows a 70 cent increase in price for a Thanksgiving Day meal compared to 2014. Farm Bureau's 30th annual informal price survey of classic items found on the Thanksgiving Day dinner table indicates the average cost of this year's feast for 10 is $50.11. AFBF Deputy Chief Economist John Anderson said retail prices seem to have stabilized for turkey, which is the centerpiece of the survey. The big ticket item – a 16-pound turkey – came in at a total of $23.04 this year. That's roughly $1.44 per pound, an increase of less than 9 cents per pound.

That's today's Agribusiness Update from the Ag Information Network of the West.

Previous ReportAgribusiness Update for Friday 11/20/15
Next ReportAgribusiness Update for Tuesday 11/24/15