Milk Production Down Slightly and China Edges Mexico as Top Export Market
From the Ag Information Network, this is your Agribusiness Update.
**USDA says milk production in the 24 largest producing states fell slightly year-over-year in July, down 0.2%.
USDA says PER-COW production rose two pounds to 2,047 pounds, and the number of milk cows was reported at 8.88 million, down 31,000 from July 23.
The quarter ending June 30 saw a total milk herd totaled 9.33 million head, down from 9.41 million a year earlier.
**In 2021, Congress passed the Corporate Transparency Act, requiring businesses to report the identity of their owners to help prevent crimes.
Under the Act, companies with 20 or fewer employees, like many farms and ranches, are required to report information about their beneficial owners, those who own at least 25% of, control or make major decisions for, or receive substantial earnings for the company.
Many cattle raisers may be impacted by this law.
**China was less than $500 million ahead of Mexico as the leading customer for U.S. food and ag exports as we enter the final months of the fiscal year.
USDA data shows the ag trade deficit, forecast to set a record this year, was already $18.8 billion.
Exports to China totaled $22.8 billion through June, about three-quarters as much as the same point last year.
Shipments to Mexico of $22.3 billion were 5% more.
www.agriculture.com/mexico-is-on-china-s-heels-as-top-u-s-food-and-ag-export-market-8700447
