Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   

Agricultural News


Trade Retaliation Hurting U.S. Pork Producers

Wed, 30 May 2018 08:44:46 CDT

Trade Retaliation Hurting U.S. Pork Producers
   

Producer Losses at $2.2 Billion Since March 1

The National Pork Producers today called for a swift resolution of the United States-China trade dispute, paving the way for increased U.S. pork exports to the world’s largest pork-consuming nation. According to Iowa State University Economist Dermot Hayes, U.S. pork producers have lost $2.2 billion on an annualized basis due to events leading up to and following China’s 25 percent punitive tariffs in retaliation for U.S. tariffs on aluminum and steel.

“U.S. pork has invested significantly to ramp production to capitalize on growth opportunities around the world, including China and other markets throughout the Asia-Pacific region,” said Jim Heimerl, a Johnstown, Ohio pig farmer and president of the National Pork Producers Council. “We applaud the administration for making the expansion of agriculture exports a cornerstone of the discussions with China. We hope the next round of trade talks with China results in improved market access to a critical export market for U.S. pork and other farm products.”

“Since March 1, when speculation about Chinese retaliation against U.S. pork began, hog futures have dropped by $18 per animal, translating to a $2.2 billion loss on an annualized basis,” said Iowa States’ Hayes. “While not all of this lost value can be attributed to trade friction with China, it is certainly the main factor.”

The market disruption caused by export market uncertainty comes at a time when U.S. pork is expanding production to record levels. Five new pork processing plants have recently opened or will soon begin operations, increasing U.S. pork production capacity by approximately 10 percent from 2015 levels by next year. Exports accounted for more than $53 of the average $149 value of a hog last year and support over 110,000 U.S. jobs. The United States has, on average, been the top global supplier of pork over the last ten years.

“We produce the safest, highest-quality and most affordable pork in the world,” Heimerl added. “We are dependent on exports and are one of the few sectors of the U.S. economy that can immediately reduce the trade imbalance with China, where pork represents approximately ten percent of the consumer price index. Eliminating punitive tariffs and improving access to China by eliminating or reducing tariffs on frozen and chilled pork would result in an explosion of pork exports, contributing significantly to U.S. economic growth and reduction of the trade deficit.”

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Blayne Arthur Getting Up to Speed as Commissioner of Agriculture for ODAFF  Wed, 23 Jan 2019 16:25:07 CST
  • Organizer Jimmy Emmons Highlights Soil Health Education Opportunities at Upcoming OACD Meeting  Wed, 23 Jan 2019 16:09:31 CST
  • CoBank Releases 2019 Year Ahead Report Forces That Will Shape the U.S. Rural Economy  Wed, 23 Jan 2019 15:59:32 CST
  • Ranking Member Michael Conaway Announces Republican Roster for House Agriculture Committee  Wed, 23 Jan 2019 15:14:34 CST
  • Made in Oklahoma Program Helps Turn a Family Recipe for Mustard into New and Thriving Business  Wed, 23 Jan 2019 15:03:06 CST
  • American Football Fans will Eat More than 1.3 Billion Chicken Wings During the Super Bowl This Year  Wed, 23 Jan 2019 14:48:12 CST
  • Wednesday Afternoon Market Wrap-Up with Dave Lanning  Wed, 23 Jan 2019 13:58:42 CST
  • Farmers Welcome Extension of Farm Service Agency Re-Opening  Wed, 23 Jan 2019 10:26:37 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Livestock Exchange Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Oklahoma City Farm Show Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com


       
       
    © 2008-2019 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.