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Highly Pathogenic Avian Influenza Strikes South Korea’s Layer Houses
As Highly Pathogenic Avian Influenza (HPAI) strikes South Korea’s layer houses killing more than 8 million hens, the country’s local shell egg prices have started to soar with a 22.4 percent increase compared with an average year as of Wednesday. Demand is especially high for eggs with the approaching Lunar New Year holiday February 11 - 14. As a result, the Korean government has decided to temporarily eliminate tariffs on egg imports for the first time since 2017.
According to The Korea Herald, South Korea's agricultural ministry said Wednesday it plans to “temporarily remove tariffs on imported egg products to resolve a supply shortage.” The government will...
Cal-Maine Foods Reports Second Quarter Fiscal 2021 Results
Cal-Maine Foods, Inc. reported results for the second quarter of fiscal 2021 (thirteen weeks) and twenty-six-week period ended November 28, 2020.
Net sales for the second quarter of fiscal 2021 were $347.3 million, an 11.5 percent increase compared to $311.5 million for the second quarter of fiscal 2020. The Company reported net income of $12.2 million, or $0.25 per basic and diluted share, for the second quarter of fiscal 2021, compared to a net loss of $10.1 million, or...
Meat Industry Reacts to President-Elect Biden's Choice for U.S. Trade Representative
President-elect Joe Biden announced he will nominate House Ways and Means Committee trade lawyer Katherine Tai as U.S. trade representative. Tai’s career at USTR began in 2007 as an associate general counsel. In 2014, she was named chief counsel for China trade enforcement, overseeing disputes between Washington and Beijing at the World Trade Organization. She left that role in 2014 to join House Ways and Means and in 2017 was named chief trade lawyer for Chair Richard Neal (D-MA).
The North American Meat Institute supports the choice. Tai, who would become the first Asian American to hold the role of USTR, speaks fluent mandarin and has experience as...
Policy Issues Affecting the Meat Industry
In a webinar hosted by the North American Meat Institute, experts explored what is on the horizon for trade policy, industry structure, and antitrust as President-elect Biden is set to occupy the White House come January. These Washington D.C. insiders shared a wealth of experience and valuable insights as the meat industry navigates new policy dynamics.
Panelists included Ambassador Darci Vetter, former Chief Agricultural Negotiator, USTR and Global Lead, Public Affairs and Vice Chair, Agriculture and Food, Edelman; and...
Strong October for Pork and Beef Muscle Cut Exports; Variety Meat Trends Lower
U.S. pork exports posted broad-based gains in October, solidifying 2020’s record pace, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef muscle cut exports were also higher than a year ago in October, though lower variety meat volumes pushed total beef exports slightly below last year.
October pork exports were up 8% year-over-year to 242,536 metric tons (mt), with value also increasing 8% to $641.1 million. Through the first 10 months of the year, exports were 15% ahead of last year’s record pace at 2.46 million mt, with value up...
NPPC Petition Leads to U.S. Trade Sanctions Against Thailand
The U.S. Trade Representative (USTR) announced it is suspending $817 million in trade preferences for Thailand under the Generalized System of Preferences (GSP) program because the country hasn’t made sufficient progress providing the United States with “equitable and reasonable market access” for pork products. The decision follows a 2018 petition by the National Pork Producers Council (NPPC) asking the USTR to review Thailand’s eligibility for the GSP program, one that offers duty-free treatment to certain goods entering the United States.
“For years, Thailand has taken full advantage of special U.S. trade benefits, while imposing a completely unjustified de facto ban on U.S. pork. This is hardly a...
Rabobank: Lack of Trade Deal Will Hit EU-UK Food and Agriculture Trade Hard
The absence of an EU-UK trade deal on January 1, 2021 would cause significant economic losses on both sides for companies active in food & agriculture supply chains. The British prime minister, Boris Johnson, warned the world to prepare for a hard Brexit scenario. We therefore urge companies in the food supply chain to be prepared for loss of export and import opportunities and for a future in which additional efforts and administrative costs will have to be made to continue any remaining cross-border trade.
The Hard Brexit Becoming Reality After All
As Rabobank wrote in January 2019 in the note “Consequences of a ‘Hard Brexit’ for Food & Agribusiness: EU Market Closes for UK, While UK Will See Food Price Inflation,” a hard Brexit would hit EU-UK trade in...
Rabobank Beef Quaterly Q3 2020: New Faces Shaping Future UK Beef Imports
Once outside the European bloc, the UK is expected to become the fifth or sixth largest beef-importing country. Consumer acceptance and non-tariff barriers will play significant roles in determining which countries ultimately supply the UK beef market in the future.
Brexit trade talks between the UK and EU continue to progress. “While pure economic reasoning and geopolitics normally play strong roles in trade negotiations, we believe that, in the case of the UK, consumer acceptance and non-tariff barriers will be equally significant in determining...
ANALYSIS: Stairs Going Up, Elevator Going Down
While 2020’s chicken market has certainly had its fair share of ups and downs recently, it has also brought with it...
U.S.-China Trade Deal Remains Intact Despite Recent Comments from Trump Administration
Recent comments from both President Trump and officials in his administration led to volatile markets on Tuesday as industries reacted to White House trade adviser Peter Navarro’s comments during a recent Fox News interview.
During the interview, Fox News host Martha MacCallum, asked Navarro, “"Do you think that the president -- he obviously really wanted to hang on to this trade deal as much as possible and he wanted them [China] to make good on the promises because there had been progress made on that trade deal," MacCallum told Navarro. "But given everything that's happened ... is that over?"
"It's over," Navarro responded...
USDA Trade Mitigation Purchases to Feed People in Need and Aid American Farmers Surpass $2B
The U.S. Department of Agriculture (USDA) today announced that it has purchased more than $2.2 billion of meat, fruits, vegetables, specialty crops and dairy products in fiscal years 2019 and 2020 in its ongoing efforts to feed people in need and assist American farmers and ranchers suffering from damage due to unjustified trade retaliation by foreign nations.
USDA is on target to reach its fiscal year goal of about $1.4 billion of trade mitigation purchases in the next phase of fiscal year purchasing, which ends Sept. 30. The purchases were made through...
U.S. Pork Exports Reach New Heights in March; First Quarter Beef Exports Also on Record Pace
Underpinned by record production, U.S. pork exports completed a tremendous first quarter with new March records for volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports also trended higher year-over-year in March, establishing a record first quarter pace.
“March export results were very solid, especially given the COVID-19 related headwinds facing customers in many international markets at that time,” said USMEF President and CEO Dan Halstrom. “Stay-at-home orders created enormous challenges for many countries’ foodservice sectors, several key currencies slumped against the U.S. dollar and logistical obstacles surfaced in...
NRF Statement on Administration’s Tariff Deferral Announcement
The National Retail Federation today issued the following statement from President and CEO Matthew Shay on the Trump Administration’s announcement to delay the collection of import duties amid COVID-19 pandemic:
“The White House announcement that the government is providing a limited duty deferral for importers is welcome news to retailers struggling to find any good news during this extremely difficult time. We encourage the administration to broaden these deferrals for additional relief. Retailers don’t build stores, buy products and hire associates only to close their doors for weeks at a time. The challenges to the retail industry brought on by this pandemic are...
ANALYSIS: Turkey Thigh Meat and Pork Hams: Feeling the Export Pressure
Marketers of turkey thigh meat and boneless pork hams are certainly no stranger to some cross-protein competition...
USDA Announces Expanded Red Meat Access to China as Phase One Trade Deal Moves Forward
The United States Department of Agriculture (USDA) and the United States Trade Representative (USTR) announced continued progress in the implementation of agriculture provisions in the U.S.-China Phase One Agreement.
The new actions are led by increased access for red meat and poultry into China. According to the statement, U.S. beef producers, for the first time since 2003, will have access to nearly all beef products into China.
An expansion of pork products that will be allowed into Chinese ports was also included in the...
Coronavirus Impact on Imports Expected to Be Larger and Longer than Previously Expected
The coronavirus outbreak is expected to have a longer and larger impact on imports at major U.S. retail container ports than previously believed as factory shutdowns and travel restrictions in China continue to affect production, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“There are still a lot of unknowns to fully determine the impact of the coronavirus on the supply chain,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “As factories in China continue to come back online, products are now flowing again. But there are still issues affecting cargo movement, including...
Rabobank Beef Quarterly Q1: China in the Front Seat for Beef Imports in 2020
We are yet again experiencing a major disruption to one of the world’s largest beef importers, China. “The outbreak of the coronavirus in China has had a major impact on foodservice and trade. With foodservice as the main channel for sales, beef is expected to feel the impact more than others. Indications from the 2003 SARS outbreak suggest that once the virus is contained, sales and trade should rebound quickly. However, the timeframe for control remains uncertain,” according to senior animal protein analyst Angus Gidley-Baird.
In other developments:
US trade deals
Progress was made on the USMCA, and the Japan/US trade deal was approved in December. These were closely followed by the signing of the phase-one US-China trade agreement in January. Although questions remain on...
USDA and USTR Announce Progress on Implementation of U.S.-China Phase One Agreement
U.S. Secretary of Agriculture Sonny Perdue and United States Trade Representative Robert Lighthizer announced today that China has taken numerous actions to begin implementing its agriculture-related commitments under the landmark U.S.-China Phase One Economic and Trade Agreement on schedule. The agreement entered into force on February 14, 2020. These actions include:•Signing a protocol that allows the importation of U.S. fresh chipping potatoes (U.S. Chipping Potatoes Protocol Announcement); •Lifting the ban on imports of U.S. poultry and poultry products, including pet food containing poultry products (Poultry and Poultry Products Announcement); •Lifting restrictions on imports of...
African Swine Fever Shrinks Pork Production in China, Swells Demand for Imported Pork
Although the rapid spread of African Swine Fever (ASF) across China decimated the world’s largest swine herd in 2019, it has created significant export opportunities for the U.S. pork industry. In the United States, recent industry expansion and low prices helped the industry export more pork to China, despite high retaliatory tariffs on U.S. pork.
After the first cases of ASF in China were reported in August 2018, the virus spread to every province by mid-2019. Assessments by industry observers suggest that the number of ASF outbreaks and losses of swine far exceeded officially reported numbers. As mentioned earlier, China’s swine herd was decimated—both by...
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