The Philippines may increase its pork imports under a reduced tariff by over 600 percent, from 54,210 MT to 404,210 MT to better meet demand and reduce price inflation. The agriculture ministry says around 15 percent of the hog inventory was lost to ASF in 2020 and, as a result, it cannot meet 25 percent of the pork requirement this year. Even with the increased imports total supply will still be below levels before the ASF outbreak. Globally, pork production is down 8.1 percent from its peak before ASF and consumption is down 8.2 percent. Price analysis by Iowa State University indicates that China’s hog inventory is unlikely to return to previous high levels until well into 2022. Reports of a British gene-based ASF vaccine that was...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
From WPI Consulting
Communicating importance of value-added products
Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.