US meat-packing industry recovering, but US-China relations deteriorating

The beleaguered pork industry is working to recover from the severe damage inflicted by the COVID-19 pandemic that not only sapped global demand but also put major constraints on processing market-ready pigs.
calendar icon 15 May 2020
clock icon 5 minute read

UK preparing a “big concession package” on US agricultural products

The United Kingdom is planning to lower tariffs on imports of US agricultural products to help move forward on a free trade agreement (FTA), the Financial Times of London reported today. The UK and the US started negotiations on a FTA last week, pledging to work quickly toward a deal that could help ease the strain of the COVID-19 pandemic for both sides. The UK is the US’s seventh-largest trading partner, according to the US Census Bureau.

Wall Street Journal reports on global food crisis

Transport disruptions, processing breakdowns and a number of government restrictions have dislocated the global food supply, putting the world's most vulnerable regions at risk of famine, reports the Wall Street Journal. Prices for staple foods such as rice and wheat have increased in many cities, due in part to panic buying set off by export restrictions imposed by countries wanting to ensure sufficient supplies at home. Trade disruptions and lockdowns are causing logistical problems, making it harder to transport produce from farms to markets, processing plants and ports. That’s leading to food shortages and new worries about political unrest if solutions aren’t found soon, said the report.

Bears regain downside momentum the past week, and a drop below chart support at $55.00 would suggest retest of the April low, or below
Bears regain downside momentum the past week, and a drop below chart support at $55.00 would suggest retest of the April low, or below

Bulls need to step up and show power very soon. © Jim Wyckoff

Corn bears have overall technical advantage but recent sideways trading begins to suggest a market bottom is in place
Corn bears have overall technical advantage but recent sideways trading begins to suggest a market bottom is in place

© Jim Wyckoff

Prices in overall downtrend. Bears still in firm control. More sideways trading in near term would suggest market bottom in place
Prices in overall downtrend. Bears still in firm control. More sideways trading in near term would suggest market bottom in place

© Jim Wyckoff

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