Agribusiness Update for Friday 05/09/14

During the first quarter of the year - the American Farm Bureau Federation deputy chief economist John Anderson says retail prices for beef and pork cuts have steadily pushed into new record territory. For pork the average retail price per pound in March of three-dollars and 83-cents was higher than the prior four months - taking over the record level set last fall. As for beef - fresh beef products were 5-40 per pound - a 23-percent increase compared to the 2010-2012 average.

USDA's Food Safety and Inspection Service has sent its final rule on labeling products containing an added solution to the federal Office of Management and Budget for review. Over the past several years - some consumer groups have complained about retail poultry and red meat prices based on weight without more labeling information that indicates some of that weight is from added solutions. The proposed rule would require all meat and poultry products containing at least a three-percent saline or other liquid solution or marinade to be labeled to show the product has been enhanced with a solution. FSIS estimates this would cost 73-million dollars to modify labels.

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