Industry News

On the heels of a 1.4% jump in January, retail food prices increased another 0.6% in February. This brought retail food prices 2.8% above year-earlier levels - the largest such gain since 2009, but just slightly above the prior 10-year average increase of 2.6%, according to Food Institute analysis of government data. Full Story (FI Membership Required) 

General Mills entered into exclusive negotiations to purchase interests in Yoplait S.A.S. and affiliated companies. The negotiations, made with PAI Partners and Sodiaal, include a binding offer for a controlling role in the operating company and a 50% interest in the entity which owns Yoplait and related brands. Under the proposed transaction, General Mills will partner with Sodiaal in expanding and growing the Yoplait brand and businesses in France, Europe and around the world. Full Story

A subsidiary of the Japan-based Nihon Shokken Group, Nippon Shokken USA Inc., will open its first U.S. factory in Sacramento, CA. The site is also planned to house research and development, a sales office and headquarters. The company makes products such as tempura batter mix, teriyaki sauce and Japanese soup stock, reported The Sacramento Bee. Full Story (Free Registration Required)

Groupe Le Duff purchased Bruegger's from Sun Capital Partners. Groupe Le Duff now has 1,105 restaurants and bakeries worldwide. Full Story

Kraft Foods increased the U.S. prices for many of its coffees, raising Maxwell House by 22%. Kraft raised prices by roughly 56% since May 2010. "(The) increases are due to sustained increases in green coffee," a Kraft spokeswoman noted at the annual National Coffee Association conference, reported Reuters. Full Story

Latest sales & earnings for food related companies (Updated Daily - FI Membership Required)

Food Institute News

Sign Up Today! The Food Institute will present two webinars in April. Shopper Insights: Actionable or Academic?, scheduled for 12 p.m. (EST) Apr. 6, will provide detailed results of an in-depth survey addressing Shopper Insights, including, but not limited to the role of Shopper Insights in collaboration and the relative value of Shopper Insights to trade participants. The Food Institute is also presenting Mergers and Acquisitions in the Food Industry: "The Art of the Deal". The webinar, to be held 12 p.m. (EST) Apr. 12, will evaluate Merger and Acquisition activity in the recent past and concentrate on offering strategies for the future. Those who sign up for the webinar will have the opportunity to purchase an electronic copy of the just-published Food Business Mergers and Acquisitions book from the Food Institute for only $199 (regularly $295). Both webinars will be moderated by Food Institute President Brian Todd.

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International News

To lessen the impact from commodity costs, Nestle is raising prices and introducing more upscale, higher-margin products in which raw material costs account for a smaller portion of the retail price. Nestle spends more than $30 billion a year on raw materials, buying about 10% of the world's coffee crop, 12 million metric tons of milk and more than 300,000 tons of cocoa, reported Bloomberg.com. Full Story

Japan will start testing agricultural and marine food products for possible contamination by radioactivity. Foods required for testing include grains, milk, vegetables, meat and eggs, reported Bloomberg.com. Full Story

The Daily Update is a substantially abbreviated version of Today In Food. You can get a subscription to Today In Food, which usually has over 30 news items each day, as well as access to the archives for just $49.95 per year. Click here to sign up.

Washington News

Texas State Sen. Eddie Lucio (D-Brownsville) proposed increasing taxes on sodas and energy drinks by a penny per-oz., reported Star-Telegram. Full Story

Market News

The 2010 California Hass avocado crop was the fourth largest on record, at around 530 million-lbs. By contrast, the 2011 crop is estimated to be about half of last year's crop or a bit less, in the area of 250 million-lbs., according to the California Avocado Commission. Harvest had begun in a light way as of mid-March, but shippers did not expect to see significant volume until around mid-April, with most of the crop coming off between then and August. Quality is expected to be excellent, reported The Produce News. Full Story

IRAQ – Opportunities for U.S. Businesses On Mar. 23, the New York U.S. Export Assistance Center, in conjunction with JP Morgan, will host a half-day seminar in NYC discussing the business opportunities for U.S. companies in Iraq. The seminar will give attendees a greater insight into the types of opportunities for U.S. companies in the reconstruction efforts in Iraq. Register Now!

Nearly 250 dairies in California closed in the past three years, and more are expected to close this year, claimed the CEO of Western United Dairymen. While milk prices continue to rise and exports are expanding, many dairy farmers are still struggling with the aftermath of several disastrous years. Farmers are seeing high corn prices and thus are inable to get loans to buy feed for their cows, reported The Associated Press. Full Story