TRQ Obvious USDA’s Economic Research Service has completed another excellent analysis, this time on the impact of tariff rate quotas (TRQs) on trade. Looking at 1,125 TRQs during the period 2006 - 2015, authors Jayson Beckman, Fred Gale and Tani Lee categorized them based on their in-quota tariff rates, actual fill rates, and relative domestic prices. Unsurprisingly, they found that too many fail in their obligation to allow minimal amounts of trade. In a concession to its recalcitrant members, the WTO set an arbitrary fill rate of 65 percent as being adequate. This is the grade school equivalent of making a D a passing grade. However, the authors found that the average fill rate is just 56 percent, a failing grade. The most e...
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...
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Illuminating the value of technical research
On behalf of a commodity producer organization, WPI evaluated the outputs from a project that featured a $5 million investment into technical research over multiple years. WPI’s team captured the results of this extensive effort and synthesized them for presentation to the organization’s governing board; among the findings uncovered and presented for the first time was the development of genomic traits proven, via rigorous testing, to provide crop yield advantages of 50 percent or more to U.S. farmers in times of drought. Capturing measurable results from long-term efforts can be challenging. Educating clients on the dynamics of success measurement when quantifiable results are not readily available requires deep client-consultant collaboration and an ability to consider both near- and long-term client aspirations with market/policy dynamics – attributes that WPI brings to every consulting engagement.