Trump announces new sanctions on Chinese officials, but won’t scrap phase one trade deal
- On Friday, President Trump announced new sanctions against Chinese officials. He directed his administration to revoke special trade exemptions for Hong Kong. However, he did say that he would keep a phase one trade deal with China intact.
- Sanctions and visa restrictions will be put into place on Chinese officials who played a role in “smothering” Honk Kong’s freedom.
- He also directed his administration to end Hong Kong’s preferential treatment in customs, trade and travel.
- Along with these restrictions/sanctions, the U.S. will also terminate its relationship with the World Health Organization. Trump feels that China has “total control” over the WHO.
- Trump stated that he believes China has engaged in a cover up of the “Wuhan virus.”
Iowa pork plant to close temporarily because of Covid-19
- Tyson Foods has temporarily closed its Storm Lake, IA pork plant due to 550 workers at the plant testing positive for coronavirus. The plant employs 2,500 individuals.
- The plant is scheduled to resume operations later this week after additional cleaning and sanitizing.
- The Storm Lake plant has a slaughter capacity of 17,000 hogs per day.
Ibach calls for a higher percentage of negotiated cash trade, says there is “some merit”
- USDA Under Secretary Greg Ibach stated last week that there is “some merit” to calls for a higher percentage of negotiated cash trade in the cattle industry.
- Ibach, a cattle rancher from Nebraska, told Brownfield that he is also concerned about price discovery in the industry.
- Ibach touched on the fact that often times, we are not able to report prices on what the actual negotiated price for animals really is.
- Ibach expects it to be an issues as Congress discusses reauthorization of mandatory price reporting later this year.
Boxed beef prices
- Choice boxed beef: $363.34 (-$6.22)
- Select boxed beef: $340.07 (-$4.02)