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Update: ‘Pink Slime’ Defamation Suit Against ABC

A South Dakota judged denied to throw out a defamation lawsuit against ABC News for its coverage of the meat product known as lean–finely-textured-beef, which has been dubbed by some as “pink slime.”

The company Beef Products Inc. sued the network in 2012 for $1.2 billion in damages. They are claiming that ABC’s coverage prompted the closure of three of its plants by misleading consumers that the beef was unsafe by referring to it as “pink slime.”

ABC’s defense team argue that the network did make mention that the U.S. Food and Drug Administration has classified this product as safe to eat. This was allegedly said in each of its broadcasts on the topic.

The judge ruled that the television network is not protected against liability because it mentioned that the product was safe to eat.

The ruling was a preliminary motion to dismiss. The next step is starting discovery and ultimately presenting the case to a jury.
 


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Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz

Video: Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz


The 12-day war between Iran-Israel came to an end sending crude oil futures plunging as the big fund speculators removed the war risk premium.

The weather risk premium in the Ag complex is sending corn, wheat and soybean futures lower on month-end selling ahead of the market moving USDA quarterly grain stocks and acreage reports on June 30th.

Instead, funds were chasing and sending tech stocks higher with the S&P 500/NASDAQ indexes setting new all-time record highs!

June 1 USDA Hogs and pigs report was slightly bearish while the U.S. $ Index traded to new contract lows as the de-dollarization that began in 2014 continues.

Feed in the form of soybean meal futures for livestock producers got cheaper, trading to new contract lows.

The Stats Canada seeded acreage update was bullish canola and wheat.