Late last week, the House of Representatives voted to accept the budget resolution passed by the U.S. Senate, which provides for tax reform and would allow federal revenues to fall short of the current 10-year baseline by as much as $1.5 trillion. It is a far different provision than the original House budget resolution that called for any tax reform to be budget neutral and instructed the House Ways and Means Committee to come up with $52 billion in deficit reduction or approximately 25 percent of the total budget savings included in the budget blueprint. Further, the original House budget called for 10-year spending cuts in agricultural programs of $10 billion as a means toward deficit reduction and paying for tax reform. The Senate plan...
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...