Today's Date:   Tuesday, February 19, 2013

1. GRAIN & OILSEED ISSUES

International Corn Price on a Plunge [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2013021457681

Summary: Corn price in the Chicago Exchange Market marked $6.9 dollar per bushel on February 13, continuing on a downturn for 9 consecutive days.  It was 17 percent lower than the peak price recorded in August 2012.  The key reason for weak corn price is good harvest forecast in South American countries.  Argentina and Brazil have had enough rainfall recently to resolve the drought issue for this growing season.

2. LIVESTOCK ISSUES

EU to Do DNA Tests on All Processed Beef Products for Potential Use of Horse Meat [Korean, OSY]

http://news.donga.com/3/all/20130215/53051921/1

Summary: EU announced on February 14 that it will do DNA tests on all processed beef products in the market for the coming three months to verify alleged use of horse meat in the beef product.  EU added that Europol will investigate the origins of illegal processed beef products that used horse meat.

3. MARKETING ISSUES

Korea Racing Association to Send Three Korean Thoroughbreds to the U.S. for Training and Racing [Korean, OSY]

http://www.hankyung.com/news/app/newsview.php?aid=2013021457681

Summary: Korea Racing Association (KRA) announced on February 14 that three Korean thoroughbred horses that it selected for “foreign racing challenge” program 2012 arrived in New York.  The horses will be trained in Ocala, Florida and will try to compete in American races until the end of 2013.  KRA has been supporting the “foreign racing challenge” program every year since 2008.  A horse sent to the U.S. won a regional race in the U.S. in 2012.

4. OTHER MISCELLANEOUS ISSUES

Temperature of Korean Peninsula will Rise by 6 Degree Celsius by 2099 … Rural Development Institute Develops Electronic Weather Map for Future [Korean, OSY]

http://news.donga.com/3/all/20130215/53051786/1

Summary: Rural Development Institute under the Ministry of Agriculture announced on February 14 that it had developed an electronic weather map of Korea for the future that forecast likely weather pattern of local territory under the on-going global warming trend.  RDI explained that the map should help local farmers to counteract the changing weather in the future.  For example, eastern province of the peninsula would not be able to grow cabbages in the future as the temperature is forecast to rise by 6 degree Celsius on average by 2099.  Annual rainfall would also rise by 20.4 percent.