Cattle Price Discovery and Transparency Act and Chinese Soy Imports Down
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**China’s October soybean imports dropped over 41% lower than the same time a year ago, hitting the lowest level since March 2020.
Reuters says poor crush margins curbed demand and Hurricane Ida limited U.S. shipments.
The world’s biggest soybean buyer purchased 5.1 million tons in October, compared to 8.69 million tons last year.
Chinese imports also dropped from 6.8 million tons in September.
**A bipartisan group of Senators have announced the Cattle Price Discovery and Transparency Act, a compromise they hope returns fairness to a cattle marketplace dominated by four major meatpackers.
Iowa Republican Chuck Grassley says the bill would improve cattle price transparency and improve market conditions for independent producers.
The legislation would establish regional mandatory minimum thresholds of negotiated cash and negotiated grid trades based on 18-month averages.
The proposal is endorsed by several ag groups, including the
American Farm Bureau, the National Farmers Union.
**The Consumer Price Index increased 0.9% in October on a seasonally adjusted basis after rising 0.4% in September.
The Bureau of Labor Statistics reports over the last 12 months, the all-items index increased 6.2%, the largest 12-month increase since November 1990.
The food at home index increased 1.0% over the month as all six major grocery store food group indexes continued to rise.
