The conflict between Israel and Iran could cost U.S. farmers when it comes to ordering supplies. Fuel prices are already under pressure, and one economist says the markets have seen some rumbles recently.
“Most recently in the last week, we’ve had, as you know, an escalation of tensions and military conflict. Israel, looking to take out the nuclear capabilities of Iran before they, God forbid, had produced a nuclear weapon. We’ve seen markets gyrate right and left on those energy markets, and oil prices have been moving up,” said Ken Zuckerberg.
Fertilizer could come under pressure, too. Researchers at the University of Illinois say recent action in the Middle East has taken out fertilizer production in Iran. The concern is that it will add to growing uncertainty around Chinese and Russian supplies.
President Donald Trump says a deal is nearly done on lowering beef prices, but he has not released details.
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Peel says Mexico has a much greater capability to expand its beef industry than it did 20 or 30 years ago in terms of its feeding and packing infrastructure.
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Support policies that keep U.S. biofuels at the table—marine demand could materially lift corn grind, crush margins, and rural jobs.
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China is not one of our top suppliers of cooking oil, according to USDA ERS data, but does export a lot of used cooking oil to the U.S. for biofuel production.
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