WASHINGTON, DC — A coalition wants the top trade official of the Biden Administration to talk TPP. A bipartisan coalition of House and Senate Members asked Katherine Tai about the Trans-Pacific Partnership, which the U-S pulled out of under former President Trump.
The deal is now called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership,signed in 2018 without the US. The group think the decision to leave was wrong and wants Tai to investigate pros and cons of joining the new deal. The groups think the US needs strategic direction. With the region including China, a deal could strengthen a rules-based system for trade.
Food Prices Going Up
Food prices are up significantly from last year. According to the United Nations Food and Agriculture Organization’s Food Price Index, prices are up 30% over last year. The index is a measure of monthly changes in international prices of a basket of food commodities.
The latest report averaged 121 points in April, 2% higher than March and up 31% from last year. This is the eleventh-consecutive monthly rise in value. The rise was led by strong increases in the price of sugar, oils, meats, dairy and cereals.
A Look at the Markets
The markets are seeing slowly starting the week off. Analyst Jamey Kohake has more:
“Starting the week off with a lot of red ink started actually last night in the overnight session all on long liquidation of the rain we saw over the weekend. And cooler temps this week and chances off and on this week, scared some long money off. But funds hold a massive long position, see how they defend their position this week or not. We do have the report this week on planting progress. We’re looking at the bean number roughly 67 percent and corn 40 percent and the average is roughly 22. Over to the meat sector. Obviously the corn being sharply lower, the feeders are off to the races today. 2.50 higher. Fats are following through a buck higher. Key will be cash this week, can we get hopefully 120-121, that area boxes I think will be on fire this week. And just hoping we can kind of catch a bid here on the cattle, just by packers really being bought up. Over to the hog sector. A little weaker here too, kind of with the corn trade, we’re seeing some long liquidation as last week we had the triple punch of new highs, especially 115 and the July. But longer term still bullish this market and just kind of seeing some technical liquidation.”
Colfax Auction Report
The Colfax sheep and goat auction on Saturday saw a sale of 780 head of sheep. Feeder lambs fetched the day’s high average price of $2.69 per pound, while fed lambs averaged $1.90 per pound. There were 60 head of goats at the auction which saw a high average price ranging from $117.50 to $650 per head.