Current Cattle Market Daily Headlines for Friday, October 23, 2020

by | Oct 23, 2020 | 0 comments

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Presidential candidates on agricultural issues

https://www.tsln.com/news/presidential-candidates-on-agricultural-issues/

The American Farm Bureau recently compiled our two presidential candidate’s stances’ on agriculture-related issues.

International trade:

Joe Biden-

Plans to aggressively enforce U.S. laws in an effective way when needed.

The Biden/Harris Administration will consider new approaches and tools to combat unfair trade practices jeopardizing U.S. production and jobs. They will also use this approach to gain access for American products in other markets.

Biden plans to stand with U.S. workers to protect their rights so they don’t have to face unfair trade or see their jobs offshored and production outsourced.

President Trump-

Through President Trump’s first term, he has focused on renegotiating trade deals that were weak and provided inadequate market access and import protection to U.S. farmers and ranchers.

If the Trump administration gets a second term, there will be more opportunities with China if they play by the rules and a bigger deal will be accomplished with Japan.

President Trump plans to finalize a new U.S.-U.K. trade agreement that will include significant agriculture access.

Endangered Species Act:

Joe Biden-

Plans to uphold the Endangered Species Act to ensure the protection of endangered species.

With climate change and other challenges becoming more apparent, Biden feels that there will need to be additional partnerships with federal agencies, the states and private landowners in addition to the Act.

President Trump

The Trump Administration is committed to science-based conservation with common-sense policy designed to bring the Endangered Species Act into the 21st Century, all while allowing farmers and ranchers the freedom to be as productive as possible on their land.

According to President Trump, a Biden/Harris Administration will try to achieve a regulatory policy comparable to California where they value fish and birds over famers and business.

Climate Change:

Joe Biden-

According to Biden, the U.S. needs to fight climate change, and he plans to create new opportunities and new sorts of revenues for farmers and ranchers as they help with that fight.

Biden believes the government needs to partner with those in agriculture to accelerate the progress toward net-zero emissions.

He wants to see our agriculture sector be the first in the world to achieve net-zero emissions.

A Biden/Harris Administration will invest in research to refine practices to build soil carbon while maximizing farm and ranch profitability. The duo plans to create incentive-based partnerships between farmers and the federal government to further sustainable practices and help the climate.

President Trump-

President Trump believes that American farmers are the most sustainable in the world and we should be thanking them rather than thinking of new ways to regulate them.

Any new sustainability or climate requirements must be science based and not result in tighter profit margins for farmers and ranchers.

The Trump/Pence Administration has been a strong supporter of increased funding of voluntary conservation programs included in the 2018 Farm Bill.

According to Trump, the Biden/Harris Administration will be heavily influenced by environmental activists working to implement the Green New Deal.

 

There is now a nationwide push to phase out gas-powered cars

https://www.rfdtv.com/story/42797655/there-is-now-a-nationwide-push-to-phaseout-gas-powered-cars

  • This week the Democratic Party introduced the Zero Emission Vehicles Act. A similar piece of legislation was introduced in California last month.
  • The Zero Emission Vehicles Act has the goal of phasing out new gas-powered cars by 2035.
    • The Act would require battery and fuel cell vehicles to account for 50 percent of new sales by 2025 and zero emissions by 2035 nationwide.
  • Corn and soybean farmers have come forward expressing concern that this bill will kill ethanol demand and likely cause major issues for farm vehicles.

 

Just can’t catch

https://www.thebeefread.com/

  • Just two weeks ago we saw cash cattle prices reach their highest point since the week of June 5th, but this week we’ve seen the cattle market take a steep dive.
  • Since the basis has flipped, there is quite a rush to get cattle sold lower and when the market will finally find a bottom is anyone’s guess.
  • As of Wednesday, 81,000 hd. of cattle sold $2-$4 lower than last week.
    • Many thought we would see cash cattle prices somewhere around $115 to $118 in the fourth quarter. Bearish speculators even thought we would get to $112, but those thoughts have vanished along with hope for a strong fourth quarter.

 

Boxed beef prices; www.nationalbeefwire.com

  • Choice boxed beef: $208.86 (+0.39)
  • Select boxed beef: $191.08 (+0.17)

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