In the Millions Not The Billions; Will Brexit Hurt the U.S. Beef Market?
In the millions not the billions. Bloomberg reports Monsanto the world’s largest seed company, posted worse-than-expected third quarter earnings amid continued pressure from weak global agricultural markets. The company also said it’s been seeking alternatives to a proposed bid from Bayer AG. The Senates GMO labeling compromise made it over it’s first hurdle with last nights’ 68 to 29 vote to overcome opponents objections to taking up the legislation. According to Agri-pulse, the big margin indicates the bill should easily have the 60 votes necessary to make it filibuster proof.
Will Brexit hurt the U.S. Beef Market? Derrell Peel, Extension livestock marketing specialist at Oklahoma State cited that the U.S. dollar strengthened, not only against the British pound, but also against most other currencies, making it more expensive for countries to import our beef. The U.S. exported $6.3 billion of beef last year, with the EU representing only about about 4% according to the U.S. Meat Export Federation.