Search Site   
News Stories at a Glance
Mounted archery takes aim at Rising Glory Farm
Significant rain, coupled with cool weather, slows Midwest fieldwork
Indiana’s net farm income projected to drop more than $1 billion this year
Started as a learning tool, Old World Garden Farms is growing
Senator Rand Paul introduces Hemp Safety Enforcement Act
March cattle feedlot placements are the second lowest since 1996
Diverse Corn Belt Project looks at agricultural diversification
Deere settles right-to-repair lawsuit for $99 million; judge still has to approve the deal
YEDA: From a kitchen table to a national movement
Insurer: Illinois farm collision claims reached 180 last year
Indiana to invest $1 billion to add jobs in ag, life sciences
   
Archive
Search Archive  
   
News From Around the FarmWorld - Feb 8, 2012
Labor Department changes new child labor plan

WASHINGTON, D.C. (AP) — Under pressure from farm groups, the U.S. Department of Labor (DOL) has agreed to modify a plan that’s intended to keep children away from some of the most dangerous farm jobs.

The proposal now will have broader exemptions for children whose parents own or operate farms, or have a substantial interest in a farm partnership or corporation, officials said Feb. 1. The rules would ban children younger than 16 from using most power-driven equipment and prevent those younger than 18 from working in feedlots, grain bins and stockyards.

Farm groups had complained the rules proposed last year would upset traditions where children often work alongside their parents and relatives to learn how a farm operates. They said the original language did not include thousands of farms that are owned by closely held corporations or partnerships of family members and other relatives.

Labor Secretary Hilda Solis said her agency would work with the USDA to ensure the rules reflect the comments from rural communities.

The fatality rate for child farm workers is four times higher than in other industries, and officials say they are trying to better protect kids. More than 30 lawmakers from farm states had called on the DOL to rescind the rules, saying they would have a negative impact on rural employers and interfere with parents’ ability to train the next generation of farmers.

Tax benefit boosts CME profit as it starts farmer fund

CHICAGO, Ill. (AP) — Exchange operator CME Group, Inc. said its fourth-quarter net income more than tripled, helped by a one-time tax benefit that offset a $30 million loss related to the collapse of trading firm MF Global.

The company also plans to pay more in dividends and announced a $100 million fund intended to protect the money of U.S. farmers and ranchers who use the exchange to hedge their business. The company said it is starting the safety net fund after the MF Global failure.

MF Global’s Oct. 31 collapse threw commodity markets into disarray and left hundreds of customers confused and angry because their money was missing. Much of the missing $1.2 billion belonged to farmers, ranchers and other business owners who used MF Global to reduce their risks from the fluctuating prices of commodities such as corn and wheat.

The fund will be in effect starting in March, and will not affect farmers and ranchers hurt by MF Global’s collapse.

The Chicago exchange said on Thursday its net income during the quarter ended Dec. 31 was $745.9 million, compared with $196.2 million during the same period a year before.

Profit got a boost from a $528 million non-cash benefit from a tax adjustment.

For all of 2011, CME reported net income of $1.81 billion, compared with $951.4 million the year before. Revenue rose 9 percent to $3.28 billion from $3 billion.

Hancock County Board OKs Illinois hog farm plan

CARTHAGE, Ill. (AP) — The Hancock County Board has given the thumbs-up to plans for a 5,600-hog confinement operation in western Illinois.

The board has formally submitted its nonbinding recommendation to the Illinois Department of Agriculture. The Quincy Herald-Whig reported agriculture officials have until March 3 to approve the plan, deny it or ask for more information.

Junction Acres LLC has proposed the farm at a site near La Crosse, which is about 45 miles northeast of Quincy. The $11 million operation is expected to produce 2,500 pigs a week and provide 18-20 full-time jobs. Carthage-based Professional Swine Management would operate the facility.
2/8/2012