Mexican President Andrés Manuel López Obrador (AMLO) has ordered a ban on GMO corn imports by 2024, has stopped approvals of all new GMO trait applications, and is banning the use of glyphosate. Purportedly, the policies are intended to benefit Mexico’s millions of subsistence farmers, many of whom blame cheap corn imports from the U.S. for their situation. However, AMLO threatens an overall situation that is far more advantageous to his country than to the U.S. Under NAFTA and now USMCA, Mexico persistently runs a trade surplus with the U.S., with its exports exceeding those from America by over $100 billion annually. In agriculture, the situation is even more imbalanced. Whereas U.S. agricultural exports to Mexi...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
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.