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Effects of removing crude export restrictions depend on price and resource assumptions

The recent rise in domestic crude oil production from 5.4 million barrels per day (b/d) in 2009 to 8.7 million b/d in 2014 and the prospect of continued supply growth have sparked interest in the question of how a change in current policies, which restrict but do not ban exports of crude oil produced in the United States, might affect markets for both crude oil and petroleum products over the next decade.

Industry

What's up with WOTUS?

Implementation of the Clean Water Rule: Definition of “Waters of the United States” (usually referred to as the WOTUS rule) was set to become effective on August 28, 2015. Several lawsuits were filed by agricultural groups, among others, requesting a preliminary injunction, or order, to halt the rule’s implementation until lawsuits could be settled.

News

Did you know… Small number, big impact

Sometimes you are reading emails, see something you realize is not spam—and your only reaction is WOW! Such was mine as I looked at qualifying numbers for the Certified Angus Beef ® brand for the months of June and July and saw 30.1% for both months. That is 30.1% of all identified black-hided, Angus-type cattle qualified for the CAB brand.

Cow/Calf Producer

The Veterinary Feed Directive: what does it all mean?

In 1996, Congress enacted the Animal Drug Availability Act (ADAA) for the approval and marketing of new animal drugs and medicated feeds. Before that time, drugs used in the animal industry were either over-the-counter or prescription-based. The ADAA created a new category of products called veterinary feed directive drugs (VFD drugs).

Markets

Boxed Beef Report: Beef prices continue to drop

Choice boxed beef fell 82 cents on Wednesday, dropping to $240.96. The 27-day average price is now at $240.51. Select boxed beef prices dropped from $232.32 on Tusday to $230.54 on Wednesday, a $1.78 fall that brought the 27-day average price to $232.48.

Choice primal chuck fell $2.15 on Wednesday to $198.40, while choice primal flank fell $1.50. Choice primal rib continues to fall, though not as drastically, dropping 91 cents to $342.30. Choice primal loin was the only cut to increase, jumping $1.22 to $336.01.

News

What happens when food marketers require restrictive farming practices?

One response to emerging buyer interests in food products can actually reduce consumer choice and increase food costs. Our recent research shows that a common result may be that restaurant chains, food-service operators, or grocers offer only a limited number of food items produced using tightly specified processes instead of offering a selection of products with alternative bundles of characteristics.

News

U.S.-Cuba Trade Relationship: Past, present, and possible future

Since December 2014, when the United States and Cuba announced the intention to restore diplomatic ties for the first time in more than half a century, the U.S. has taken steps to ease restrictions on trade, remittances, and travel to Cuba. The actions have generated a wave of enthusiasm about the economic opportunities that a more normal relationship between the two countries could create.

Markets

Gas prices plummet

The United States saw a huge average fall this week for retail gasoline prices, falling 13 cents to $2.41 this week, bringing the 27-day average price to $2.53. The Midwest region saw the largest fall this week of 19 cents to $2.43, while the Rocky Mountain region saw the smallest decrease of only five cents. The Gulf Coast still has the lowest gas prices in the country at $2.19.

Ohio's gas prices fell 30 cents this week to $2.35, while Minnesota dropped 22 cents to $2.42. The lowest gas prices are in Texas at $2.21.

Markets

Morning Farm Report: Corn prices drop

Live cattle and feeder cattle prices both fell on Tuesday. Live cattle decreased $1.87 to $141.33, bringing the 27-day average price to $146.39. Feeder cattle prices also decreased from $201.83 to $200.28. The $1.55 fall brought the 27-day average price to $211.09. Lean hog prices also fell five cents to $67.98, bringing the 27-day average price to $72.66.

Corn prices saw a huge fall of eight cents to $3.56, while wheat increase one cent to $4.84.

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