In another sign of the times, more ag companies have announced they are making cuts to navigate the economy.
John Deere has told Iowa that it is letting around 100 people go from its Waterloo Works plant come the new year. It is the latest in several layoffs by the company. During their latest earnings report, Deere said demand is down and they will continue adjusting to remain competitive.
Butterball is also handing out pink slips. The company will close its Jonesboro, Arkansas plant, putting nearly 200 people out of work. The plant will close in early February, with production transferred to another facility. Butterball’s CEO says it was a difficult decision, and they will work with afffected employees.
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Rich Nelson, a commodity broker for Allendale Inc., joins us to break down what the U.S.-China trade agreement means for the ag economy.
The U.S.-China summit raises hopes for stronger exports and reduced barriers, but U.S. ag players should remain strategically cautious until concrete volumes and certifications materialize.
Expect incremental near-term lift for feed grains, proteins, and ethanol as tariff cuts and smoother approvals translate into real orders.
Cattle markets are collapsing this week, and analysts say that several factors are at play. Consumer beef prices also remain near all-time highs, threatening long-term demand.
If confirmed, early Chinese buys tighten nearby Gulf/PNW capacity and could bump basis in export-oriented regions.
