Industry News

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USDA's current long-term projections indicate that retail food price inflation will gradually moderate over the next several years, according to testimony of Joseph Glauber, the Department's Chief Economist before the Joint Economic Committee, U.S. Congress. Full Testimony

Meanwhile, world market prices for major food commodities such as grains and vegetable oils have risen sharply to historic highs of more than 60% above levels just two years ago, according to a new report from USDA. Many factors contributed to the runup in food commodity prices. Some reflect trends of slower growth in production and more rapid growth in demand, which have contributed to a tightening of world balances of grains and oilseeds over the last decade. Full Report

Coke and Pepsi are testing new bottle sizes, such as 16-oz. and 24-oz., to replace the traditional 20-oz. soda bottle. While the 20-oz. is highly profitable, as it is often the same price as a two liter bottle, health concerns, aging baby boomers' waning thirst for giant-size sodas, and the softening economy is negatively impacting the size, reported The Wall Street Journal. Full Story (WSJ Subscription Required)

Since 2002, U.S. imports of tequila grew 46%, to just over 10 million cases, producing gross revenue of $1.55 billion, according to the Distilled Spirits Council of the U.S. In addition, imports of super-premium tequila during the same period have dramatically outperformed the category as a whole, with high-end averaging 15.6% and super-premium averaging 30.8% annual growth, reported MSNBC. Full Story

Giant Food Stores increased monthly consumer website visits by 400% over the past year. The retailer's website utilizes many aspects of Grocery Shopping Network's proprietary software, such as personalized shopping list, on-line recipes, easy access to weekly specials, and meal planning solutions. Full Story

Food Institute News

Consumer Understanding of Buying Local - A Webinar
Presented by The Food Institute and The Hartman Group

The Food Institute and The Hartman Group will host a webinar on Wednesday, May 28, 2008 at 2PM (EST) that will examine American consumers' understanding of what the term "buy local" means. This 45-minute webinar is your guide to understanding consumer perceptions of what "buy local" means in the context of products, brands, retailers, restaurants and businesses. Additionally, this webinar will provide a current view on where "buy local" is at with consumers and how this acquired knowledge translates into marketing opportunities. There will be a question and answer session following the presentation. For more information or to register for the webinar, click here.

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International News

South Korean corn processors imported 63,000 tons of genetically modified varieties of the crop because of the lack of conventional corn available in the international market after China began regulating exports. It marked the first time the country imported genetically modified corn in large amounts for human consumption since the government began regulating biotech crops in 2001, reported The Associated Press. Full Story For more information on biotechnology and its global affect see page five of the May 5 Food Institute Report. Full Story (FI Membership Required) Not an FI Member? For more infomation on FI Member benefits, click here.

Health News

Essential oils from citrus like mandarins and lemon could be natural anti-fungal agents for food, tapping into the search for natural alternatives to synthetics, suggests new research from Spain published in the journal Food Chemistry, reported Food Navigator. Full Story

Washington News

President Bush urged Congress to approve $770 million to help alleviate escalating food prices that threaten widespread hunger and increasing social unrest around the world. The money, to be directed primarily at needy African nations, is being included in a broader $70 billion Iraq war funding measure for 2009 that the White House sent to Capitol Hill, reported The Associated Press. Full Story

Market News

Federal officials declared a failure in the West Coast ocean salmon fishery, which will allow the region to seek disaster aid for fishermen and others affected in California, Oregon and Washington. The disaster declaration results from a collapse of the Sacramento River chinook, reported The Seattle Times. Full Story