419 Scam After meeting with Nigerian President Muhammadu Buhari yesterday, President Donald Trump said with confidence that Africa’s most populace country will “rip down” its barriers to U.S. agricultural exports. The boast seems highly unlikely to come to fruition for several reasons:
Nigeria’s tariffs are harmonized with the 15-member Economic Community of West African States. While Nigeria applies an average duty of 15.5 percent on agricultural imports, a 35 percent duty is permitted on items that the government wants to protect. Nigerian domestic politics exerts a great deal of influence in favor of import protection (poultry, pork, beef, vegetable oil, etc.).
President Buhari offered up an advance payme...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
