Washington/Wellington | Reuters — Pacific Rim trade and foreign ministers on Tuesday pledged to sustain the recovery from the coronavirus pandemic while pursuing talks to curb subsidies for fisheries and agriculture at a forthcoming World Trade Organization meeting. The ministers from the 21 Asia Pacific Economic Cooperation (APEC) countries said in a communique issued after […] Read more
APEC ministers call for curbs on farm, fuel, fishing subsidies
U.S. livestock: CME live cattle at two-month high on strong beef demand
December hogs follow pork lower
Chicago | Reuters — Chicago Mercantile Exchange live cattle futures reached a two-month high on Monday amid expectations for solid demand for beef, traders said. Gains in cash cattle prices last week helped support futures, traders said. Meat packers killed an estimated 121,000 cattle at U.S. slaughtering plants on Monday, unchanged from a week ago, […] Read more
Baltic Dry Index drops to three-month lows
MarketsFarm – Ocean freight rates have dropped significantly over the past month, with declining demand out of China behind much of the weakness. The Baltic Dry Index (BDI), which is a major indicator of shipping rates, settled at 3,187 points on Nov. 2, marking its lowest level in three months and well off the 13-year […] Read more
China to make protein for livestock from carbon monoxide
Beijing | Reuters – Chinese researchers say they have found a way to produce an animal feed protein from carbon monoxide in what is being hailed as a breakthrough that could help reduce the country’s reliance on huge volumes of imported soybeans. China is by far the world’s top buyer of soybeans, bringing in around […] Read more
Beef cattle producers ‘encouraged’ by new CPTPP applicants
U.K., China, Taiwan seek memberships; no additional dairy, feather access on table
With their exports on an upswing, the organization for Canada’s beef cattle producers says it’s “encouraged to see other countries’ interest” in joining the Trans-Pacific Partnership trade bloc. The Canadian Cattlemen’s Association on Oct. 18 noted the official applications to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) from the United Kingdom, China and […] Read more
China calls for overhaul of farm subsidy rules under WTO
Beijing | Reuters – China on Thursday called for the removal of “enormous” farm subsidies in some developed countries as part of Beijing’s push for reform of the World Trade Organization. “There are very unfair rules in the agriculture sector, and enormous subsidies some developed country members are entitled to, that severely distort international agricultural trade,” Wang […] Read more
CBOT weekly outlook: Potential U.S.-China trade deal moving markets
Speculation regarding a potential trade deal between the United States and China is sparking movement on the Chicago Board of Trade (CBoT). Ryan Ettner, broker for Allendale Inc. in McHenry, Ill., said there was optimism on the markets last week when trade representatives from both nations restarted talks. With the countries’ current deal expiring at […] Read more
Italy vetoes sale of seed producer to Chinese-owned Syngenta
Rome | Reuters – Italy has prevented Chinese-owned group Syngenta from buying vegetable seed producer Verisem, government officials said, underscoring Prime Minister Mario Draghi’s commitment to shield key assets from unwanted foreign bids. The decision, made at a cabinet meeting on Oct. 19 but not yet made public, marks the first time Italy has vetoed […] Read more
U.S. grains: Wheat, corn, soy futures up with global demand
MGEX December wheat at nine-year high
Chicago | Reuters — U.S. corn futures hit a two-week high on Wednesday and soybean futures also advanced, supported by brisk global demand, firm cash markets and surging vegetable oil prices. U.S. wheat futures rose as Minneapolis Grain Exchange spring wheat futures set a nine-year top on tightening global supplies of high-quality milling wheat. Additional […] Read more
U.S. livestock: CME lean hogs down on technical selling, export worries
Chicago cattle futures up
Chicago | Reuters — Chicago Mercantile Exchange lean hog futures fell on Wednesday on technical selling and fears that falling Chinese hog prices point to slowing export demand for U.S. pork, traders said. CME December lean hog futures settled down 1.375 cents at 76.025 cents/lb., after dipping to 75.925 cents and filling a gap on […] Read more