U.S. agricultural imports from Mexico have been growing and there is a trade deficit; Mexico’s agricultural imports from the U.S. are stagnant at best. Mexico is self-sufficient in white corn for human consumption but imports yellow corn for animal feed. Now Mexican President André Manuel López Obrador wants to ban GM corn to help his country’s maize growers. The ban on GM corn likely violates the USMCA and will hurt the country’s livestock producers. Mexico’s imports of pork and poultry have already been increasing. If Mexico blocks imports of yellow feed corn from the U.S., it will drive American prices lower, making its livestock exports even more competitive. Then Mexico City will be under pressure...
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: 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...