U.S. Pork Exports Remain Strong and Latest WASDE Report
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**U.S. pork exports posted another strong month in October, led by record-breaking shipments to Mexico, up 3% year-over-year, but down 2% in value.
For the first 10 months of 2023, pork exports were up 9% in volume and 6% in value.
October beef exports were down 17% in volume from last year, but 6% above September.
Beef export value was down 11%, but 5% above September.
**The World Ag Supply and Demand Estimates from USDA show the 2023-2024 U.S. wheat outlook is for unchanged supplies and domestic use, higher exports, and reduced ending stocks.
Exports rose 25 million bushels to 725 million.
All-wheat ending stocks dropped 25 million bushels to 659 million, 13% above 2022.
The season-average farm price is up a dime per bushel at $7.30 on lower projected ending stocks.
**Groups like Clean Fuels Alliance are applauding representatives from California and Iowa for introducing the bipartisan Renewable Fuel for Ocean-Going Vessels Act.
The act designates renewable fuel used in ocean-going vessels as an “additional renewable fuel” (similar to jet fuel) under the Renewable Fuel Standard.
Clean Fuels Vice President Kurt Kovarik says international shipping companies and cruise lines are increasingly looking for low-carbon biodiesel to meet climate goals and consumer demand.
