Hog Prices-Markets
U.S. President-elect Joe Biden has said that he will not immediately act to remove the Phase 1 trade agreement, which President Donald Trump inked with China, the New York Times reported on Wednesday.
While China grapples with choosing which production lines to reopen, the food shortage conversation looks to ramp up.
Grains close mixed with a big rally in soybeans pulling up corn, while wheat ended lower after the WASDE. Cattle were mixed, hogs set back. Michelle Rook gets analysis with Darren Frye of Water Street Solutions.
Grains ended mixed still trying to determine crop size after weekend rains and ahead of crop ratings. Livestock were strong with new contract highs in October lean hogs.
Europe and the Netherlands have been dealing with an increasingly incendiary political situation pitting the country’s farmers against EU government plans to decrease greenhouse gas emissions by half by 2030.
President Biden says he has not made a decision yet on whether to lift some of the $370 billion of tariffs imposed on Chinese imports by the Trump Administration.
Economists see interest-rate increases raising likelihood of recession to 44% in coming 12 months.
U.S. pork exports are trailing last year’s record setting pace.
IN-DEPTH MARKET ANALYSIS: Wednesday was a risk-off day in the agricultural commodity markets.
Biden says Ukraine has 20 million tons of stored grain awaiting export to various countries. He says lack of port movement coupled with halted planting in Ukraine will ignite a global food crisis unless action is taken.