Fake Name Marketing The U.S. meat industry has taken note of France’s new law banning the assignment of traditional meat names to new protein manufactured products. Uma Valeti of Memphis Meats, a maker of non-animal-based protein, makes the logical argument that process should not color the naming of a product – nomenclature should not be an issue when products have substantial equivalence and equal safety. However, his argument is flawed when he states that barring companies from calling their new protein products “meat” would stifle innovation at a time when global demand for protein is rising exponentially. Where there is demand, there will be innovation. The larger problem is the insistence by Memphis Meats and...
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.
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...