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Retailers Welcome Progress on Trade, say Administration has Listened to Concerns
The National Retail Federation today issued the following statement from Senior Vice President for Government Relations David French after the Trump administration announced that a scheduled tariff hike from 25 percent to 30 percent on $250 billion worth of goods from China will not take place next week as negotiators finalize a tentative trade deal.
“Retailers are encouraged by the progress made between the United States and China and are pleased that the administration has listened to the concerns of the business community as the trade war takes an increasing toll on the American economy. The decision to delay planned tariff hikes is...
Retail Imports to See Surge Ahead of December Tariffs
Imports at the nation’s major retail container ports are expected to hit their highest level of the year again next month just before more tariffs take effect in December, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“This is the last chance to bring merchandise into the country before virtually everything the United States imports from China comes under tariffs,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Retailers are doing all they can to mitigate the impact of tariffs on their customers. The effect on prices will vary by retailer and product during the holiday season, but ultimately...
Rabobank: A Global Update on African Swine Fever
While African swine fever continues to devastate pig herds and production in China, the focus is now shifting to other parts of Asia, given recent outbreaks in the Philippines, South Korea, and Timor-Leste, according to the latest African Swine Fever Global Update by RaboResearch.
The spread of ASF in Asia, outside of China, has captured attention
“The impacts of African swine fever (ASF) across Asia are likely to be just as challenging as they have been in China, and we expect to see herd and production losses growing as we move into 2020,” says Justin Sherrard, Global Strategist - Animal Protein. “At the same time, price levels in China – for pigs and pork, as well as for other proteins – keep climbing, and...
Rabobank: Poultry Q4 2019 Outlook
Global poultry markets are expected to see some recovery in the coming months. However, this will be under fragile conditions. Key concerns are the ongoing oversupply situations in many global markets, like the EU, US and South Africa. Actually, only disease-affected China and Mexico, and Brazil (due to the combination of supply reduction and improved export demand), are performing relatively well. Other markets are suffering from oversupply.
Therefore, more disciplined supply should be the key to returning to profitability for the global poultry industry in 2H 2019. Notable positives are the expected ASF-related strength in pork prices, and the limited feed price upside risks, given the relatively good feed grain supply position expected in...
August Retail Sales Grew 4.1 Percent Over Last Year but New Tariffs Present 'Downside Risk'
Retail sales were up 0.4 percent in August seasonally adjusted from July and up 4.6 percent unadjusted year-over-year, the National Retail Federation said today. The numbers exclude automobile dealers, gasoline stations and restaurants.
“While consumer attitudes about the economy indicate some retreating optimism, the bottom line is that consumer spending remained resilient in August and continued to be a key contributor to U.S. economic growth,” NRF Chief Economist Jack Kleinhenz said. “Trends remain strong, but August grew somewhat slower than July, which could reflect consumers’ concerns about the unpredictability of trade policy. It is too early to assess the impact of the new tariffs that took effect at the beginning of this month, but...
NPPC Statement on China Market Access
Chinese media reported that it was suspending the imposition of punitive tariffs on U.S. pork imports. The following is a statement from National Pork Producers Council President David Herring, a pork producer from Lillington, N.C.:
“If media reports are accurate, this is a most welcome development. The Chinese have placed punitive tariffs of 60% on most U.S. pork products, bringing the effective tariff rate on most U.S. pork to 72%.
“According to Iowa State University economist Dermot Hayes, the Chinese retaliation on U.S. pork has shaved $8 off the price of every hog sold in the United States for well over a year. Most of our competitors face only a...
China to Exempt U.S. Pork, Soybeans from Additional Tariffs -Xinhua
China will exempt some agricultural products from additional tariffs on U.S. goods, including pork and soybeans, China's official Xinhua News Agency said Friday, in the latest sign of easing Sino-U.S. tensions before a new round of talks aimed at curbing a bruising trade war.
The United States and China have both made conciliatory gestures, with China renewing purchases of U.S. farm goods and U.S. President Donald Trump delaying a tariff increase on certain Chinese goods.
China had imposed three rounds of additional tariffs on U.S. pork, including 25% increases in April and July 2018 and a 10% bump this month, raising the total duty from...
Yum China Announces Transition of Chief Financial Officer
Yum China Holdings, Inc. today announced that Jacky Lo, who has served as the Company's Chief Financial Officer since June 2017, intends to leave the Company to pursue professional opportunities in Hong Kong to be closer to his family. Jacky will step down as the Company's Chief Financial Officer effective October 16, 2019. Ka Wai Andy Yeung will assume the role of Chief Financial Officer of the Company effective the same day.
"We are grateful for all of the contributions Jacky has made to the Company and recognize the critical role he played in growing and strengthening our business since the spin-off, as well as for his ongoing engagement on succession discussions to ensure a smooth CFO transition." said Joey Wat, Yum China's CEO.
"We are pleased to welcome Andy to our team. Andy brings a wealth of knowledge to this critical role, and his deep experience in all facets of finance will be a tremendous asset to our Company. We look forward to...
Retailers Respond to Announcement of US-China Trade Talks
The National Retail Federation issued the following statement from President and CEO Matthew Shay after the announcement that China and the U.S. will hold high-level trade talks in October.
“We are encouraged by the confirmation of US-China trade talks. We urge the administration to end this trade war and come to an agreement that results in a complete roll back of the existing tariffs. This trade war has gone on far too long, and the harmful consequences for American businesses and consumers continue to grow. We are optimistic both sides will come together and make significant progress toward a trade deal that resets US-China trade relations and...
Rabobank: Outside Influences on the Grains & Oilseeds Industry
African Swine Fever Update: Impact on Feed
Chinese pork production in 2019 is expected to decline 25%, with a further 10% drop in 2020. The forecast is for the hog herd to be down by 50% by the end of 2019, before stabilizing somewhat in 2020. Other meat and seafood production and consumption will rise. Pork imports into China are already on the rise, with Spain, Germany, and Canada the key suppliers so far this year. However, we see the potential of non-EU countries gaining higher shares in 2020, as EU production doesn’t seem to be responding strongly enough to meet expected Chinese demand.
Impact on G&O: We are maintaining our projections for China’s feed use and soybean imports from last month. In 2019, the year-on-year drop of China’s hog feed is projected at 35%, with a 5% rebound in 2020. Poultry feed will rise significantly in 2019 and 2020, while aquafeed will only rise by about 5%, with other feed also only growing marginally. Still, total feed in 2019 is seen down...
Retailers Respond to Tariff Escalation: ‘Where Does This End?’
The National Retail Federation issued the following statement from Senior Vice President for Government Relations David French after the Trump administration announced that current tariffs on $250 billion in Chinese goods will rise from 25 to 30 percent on October 1. New tariffs set to take effect September 1 and December 15 on $300 billion in Chinese goods will rise from 10 to 15 percent.
"It's impossible for businesses to plan for the future in this type of environment. The administration's approach clearly isn't working, and...
Retailers Respond to Tariff Delay Ahead of Holiday Season
The National Retail Federation issued the following statement from Senior Vice President for Government Relations David French after the Trump administration announced it would delay new tariffs on certain consumer products until December 15. Tariffs on other products are scheduled to take effect September 1.
“While we are still reviewing the details, we are pleased the administration is delaying some tariffs ahead of the holiday season and acknowledging the impact on American consumers. Still, uncertainty for U.S. businesses continues, and tariffs taking effect September 1 will result in higher costs for American families and slow the U.S. economy. During this delay period, we urge the administration to...
Retail Imports Remain at Near-Record Levels Despite Tariffs
Imports at the nation’s major retail container ports are expected to continue at near-record levels this month and the remainder of the year despite a new round of tariffs on goods from China, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Even with virtually everything American imports from China soon to be subject to tariffs, it isn’t quick or easy for retailers to change their supply chains,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “That means American families are ultimately going to pay more for goods they can’t do without. And even if sourcing eventually shifts away from China, it will simply come from other countries. It’s time to stop punishing American businesses, workers and families for China’s wrongdoing.”
President Trump announced last week that new 10 percent tariffs on an additional $300 billon in Chinese goods will take effect on September 1. Coupled with 25 percent tariffs imposed on...
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Rabobank: A Global Update on African Swine Fever
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Cell-Based/Cultured Meat, Poultry, and Seafood Makers Form Coalition
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