Agribusiness Update for Thursday 3/14/13

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

The National Agricultural Statistics Service says it won't issue some agricultural reports this year because of the automatic federal budget cuts taking effect. The reports being suspended this year include the agency's July tally of cattle, which is used by the beef industry, and milk production reports. Other reports cover catfish, potatoes, rice and fruit and vegetables. The decision was not made lightly but it was necessary given the agency's funding.

House Budget Chair Paul Ryan has released a 10-year spending plan. The proposal is nearly identical to last year’s GOP budget - but according to Ryan would balance the budget and even produce a small surplus in 2023. That goal is achieved primarily through spending cuts - but also through the addition of more than 3.2-trillion dollars in new tax revenue.

Whole Foods Market is the first retailer in the U.S. to require labeling of all genetically modified foods sold in its stores. The new labeling requirement is to be in place within five years and is a response to consumer demand. Whole Foods president says they’ve seen how their customers have responded to the products that aren’t labeled.

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