DuPont and Dow Chemical announced on Thursday that their proposed merger has been approved by the U.S. Department of Justice. Dow Chair and CEO Andrew Liveris says he’s very pleased the DOJ approved the transaction. “With today’s DOJ clearance, we’ve taken a significant step forward in bringing together these two iconic enterprises,” he says. Ed Breen, Chair and CEO of DuPont says, “We are on track to close our merger, with the subsequent spinoffs expected to unlock significant value for shareholders.” Part of the proposed agreement with the U.S Justice Department will require DuPont to sell off certain parts of its crop protection portfolio. Dow will also be required to divest itself of two petrochemical products in order for the merger to proceed. Those requirements are similar to those imposed by the European Union and other jurisdictions that have given conditional approval to the merger. The proposed agreement with the Justice Department is still subject to court approval. This agreement means there will be no further requirements in the U.S. for this deal to close. The companies expect the merger to finish in August of 2017, with the required spin-offs to take place within 18 months later.
Category: Agriculture
Friday’s closing grain bids
June 16th, 2017
St Joseph |
|
Yellow Corn |
3.52 – 3.55 |
White Corn |
3.52 |
Soybeans |
9.12 – 9.17 |
LifeLine Foods |
3.52 |
|
|
|
Atchison |
|
Yellow Corn |
3.59 – 3.64 |
Soybeans |
9.09 |
Hard Wheat |
4.08 |
Soft Wheat |
4.05 |
|
|
|
Kansas City Truck Bids |
|
Yellow Corn |
3.64 – 3.69 |
White Corn |
no bid |
Soybeans |
9.29 |
Hard Wheat |
4.39 – 4.44 |
Soft Wheat |
4.50 – 4.53 |
Sorghum |
5.96 – 6.05 |
For more information, contact the 680 KFEQ Farm Department.
816-233-8881.
Renewable energy covering 10 percent of U.S. needs
Wind farms and solar panels that dot the map of rural America now account for more than 10 percent of U.S. power generation. Bloomberg News reports wind farms in Texas, Oklahoma and elsewhere accounted for eight percent of electric generation, while residential and commercial solar installations provided about two percent. The U.S. Energy Information Administration says that during 2016, wind and solar accounted for about seven percent of power generation in the U.S. The record set in March comes after developers added a record 22.2 gigawatts of wind and solar in 2016. However, clean energy is seasonal, as solar power flourishes in the summer when the days are longer, and wind energy thrives in the spring and summer as wind speeds increase. The U.S. Energy Information Administration expects the total clean energy output to fall back below the 10 percent level later this summer.
Nebraska firm first to ship U.S. beef to China
Nebraska’s Great Omaha Packing Company is sending U.S. beef to China, the first shipment of its kind in 14 years. After the U.S. and China finalized protocols to allow the U.S. to export beef to China, the Nebraska-based company announced it would send beef by air freight to a customer in Shanghai. Nebraska Governor Pete Ricketts and Nebraska Department of Agriculture Director Greg Ibach joined Greater Omaha Packing Chief Executive Henry Davis to load the first box of beef destined for China Thursday morning. Davis told the Drovers Cattle Network: “China has the potential to be the largest market for U.S. beef,” adding “this will be the first of many shipments.” On Monday, The Department of Agriculture announced final details concerning export requirements to resume beef shipments to China. Among the requirements, U.S. producers must track the birthplace of cattle born in the United States that are destined for export to China.
China trade agreement includes biotech approvals
The trade agreement between the U.S. and China that focused on U.S. beef also paved the way for Chinese approval of two U.S. genetically modified crop traits. The Wall Street Journal reports China has approved imports of two new varieties of genetically modified crops, clearing the way for U.S. agricultural companies to market new biotech seeds to farmers. Through the announcement, China this week approved the import of Dow Enlist corn and Monsanto’s soybean variety, Vistive Gold. The approval stems from China agreeing to speed reviews of biotech products as part of the trade deal with President Donald Trump announced last month. Seed companies have long complained that China’s regulatory approval process was slow-moving and vague. The announcement does not, however, approve cultivation of GM crops in China.
Senators want NAFTA renegotiations to address Canada poultry market
A group of senators wants the renegotiation effort of the North American Free Trade Agreement to address U.S. poultry exports into Canada. The group, led by Delaware Democrat Tom Carper says Canada has engaged in protectionist trade policies that limit sales for U.S. poultry exporters. The Senators are asking the Donald Trump administration to address the issue during NAFTA renegotiation talks in a letter to U.S. Trade Representative Robert Lighthizer. The letter states: “NAFTA presents American poultry exporters with a unique opportunity to eliminate Canadian trade barriers, which have hampered growth for more than 20 years,” according to Politico. Similar to dairy, Canada maintains a strict supply management system on poultry production. The system’s import restrictions and production limits are meant to create a more stable system immune to market forces.
Thursday’s closing grain bids
June 15th, 2017
St Joseph |
|
Yellow Corn |
3.47 – 3.50 |
White Corn |
3.50 |
Soybeans |
9.08 – 9.13 |
LifeLine Foods |
3.50 |
|
|
|
Atchison |
|
Yellow Corn |
3.55 – 3.59 |
Soybeans |
9.04 |
Hard Wheat |
4.00 |
Soft Wheat |
3.93 |
|
|
|
Kansas City Truck Bids |
|
Yellow Corn |
3.60 – 3.62 |
White Corn |
no bid |
Soybeans |
9.15 – 9.20 |
Hard Wheat |
4.30 – 4.35 |
Soft Wheat |
4.39 |
Sorghum |
5.88 – 5.97 |
For more information, contact the 680 KFEQ Farm Department.
816-233-8881.
New Zealand to talk trade with U.S.
Trade officials from New Zealand will meet with U.S. Trade Representative Robert Lighthizer and other U.S. trade officials. The New Zealand government says the nation’s Trade Minister Todd McClay will make New Zealand’s first official ministerial visit to Washington under the Trump administration this week and will be pressing to advance the U.S.-New Zealand trade relationship. The U.S. is the biggest market for beef and wine from New Zealand, and the nation’s second-largest dairy market. McClay called the U.S. a “vitally important trading partner” for New Zealand, worth more than $16 billion in two-way trade. McClay says he will be “highlighting the strength of our bilateral relationship, the importance of continued New Zealand-U.S. cooperation and leadership on trade in the Asia-Pacific and our cooperation in the WTO against barriers to trade.”
No USDA Nominees Until September
Agriculture Secretary Sonny Perdue told lawmakers this week he may be the lone political appointment at the Department of Agriculture until September, or later. Currently, 15 executive posts at USDA are vacant and await White House nomination. Perdue told the Senate Ag Appropriations Subcommittee the names of nominees for six positions, including that of deputy secretary, have been sent to the White House, but that he is “fearful” none of them will be ready for Senate confirmation before the summer recess, according to the Hagstrom Report. Perdue blamed the slowness on the Federal Bureau of Investigation and the White House ethics office. Asked about decisions being delayed due to lack of personnel in decision-making positions, Perdue said: “Not many decisions are piling up, but I’m tired of working 22 hours per day.” Perdue himself waited nearly 100 days after being nominated before receiving Senate confirmation.
USDA to speed through GMO labeling rule
The U.S. Department of Agriculture plans to finalize GMO disclosure standards within a nine-month time frame, what Politico calls a breakneck pace for any rulemaking. USDA in that timeframe will go from proposing the regulation to finalizing the rules. That includes a likely three-month comment period, revisions, and White House approval, a process that also takes about three months. A senior analyst at the Agricultural Marketing Service’s Livestock, Poultry and Seed program told the International Dairy Foods Association’s regulatory conference in Washington on this week that USDA has started to meet with farm, food and other groups in preparation to write the proposed rule, though it won’t follow through with the prior administration’s plan to make a public request for information. Politico suspects the rule will likely be challenged in court, no matter the outcome, because of the lack of public request for information.