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The key reason: The trade war came at precisely the wrong time, after a worldwide expansion to record pork production levels on the expectation of rising meat demand and low feed prices from a global grains glut. In the United States, meat companies such as Seaboard Triumph Foods and Prestage Farms have spent hundreds of millions of dollars boosting U.S. slaughter capacity by more than 10 percent from three years ago to nearly half a million hogs daily. Just before trade barriers went up, the U.S. Department of Agriculture (USDA) predicted in an April analysis that global supply growth would outpace demand this year, sparking “fierce competition and lower prices.” Tariff battles accelerated those trends by shutting off export markets, raising feed prices and upending regional supply-and-demand dynamics that underpinned industry profits.
“As this trade war has heated up, it’s made the trade with China very difficult - to even stopping at various points - because the tariff that’s been imposed makes it not viable,” Kenneth Sullivan, chief executive of Smithfield Foods [SFII.UL], the world’s largest pork producer and a division of China’s WH Group, told Reuters in an interview Friday, “We’re keenly interested in the U.S, and China getting it resolved,” Sullivan said, adding that expansion of the U.S, pork industry had also hurt profitability, “Certainly U.S, agriculture has a lot at stake, and China, chicago bulls cufflinks to the extent that they’re on the surplus end of the deficit, has you can argue more at stake.”..
U.S. pork faces retaliatory duties of 62 percent in China and up to 20 percent in Mexico, slashing demand from two top U.S. pork export markets and contributing to a mountain of unsold meat in cold storage. The White House did not respond to requests for comment. The USDA said in a statement that pork producers’ soymeal costs have declined because of a surplus of domestic soybeans that China is no longer buying. The Trump administration is working to increase opportunities for U.S. agriculture with the European Union, Japan and the United Kingdom, the agency said.
In China, tariffs on U.S, soybeans and an outbreak of African swine flu have driven farmers to send hogs for an early slaughter, exacerbating a glut that followed the rapid expansion of more efficient, large-scale farms in recent years, Higher domestic supply and rising imports from other suppliers, such as Spain and Brazil, has compensated for the slide in U.S, pork imports, But an chicago bulls cufflinks African swine fever outbreak this year has added to the problems of China’s pork producers, More than 40 cases have been reported in 13 provinces so far, and restrictions on hog transportation to control the disease have resulted in a glut in some northern provinces and a shortage in the south..
Brazil’s pork industry has suffered higher feed prices partly because farmers now must compete with major Chinese soybean buyers who turned to Brazil to avoid tariffs on U.S. beans. In Canada, the world’s third largest exporter, producers’ fortunes have fallen along with the U.S. because their prices are tied to that much larger market. In August, prices fell 31 percent less than the previous month, according to data compiled by Hams Marketing Services. Manitoba farmer George Matheson now expects to sell his about 250 pigs for C$115 per head - well short of the C$150 it costs to raise them.
“I had a hunch this would not be a good thing,” his said of the trade disputes, Many farmers in China are searching for cheaper protein-rich ingredients to replace soymeal, such as rapeseed or yellow peas, “Everything I use is becoming more expensive,” said Yu Shiqian, who raises 1,800 hogs in northeastern Liaoning province, “Only the hog price is declining.”, Big producers are also being hit hard, Hong Kong-based WH Group, chicago bulls cufflinks the world’s top pork producer, which also owns U.S, giant Smithfield, warned earlier this year that its biggest challenge is the oversupply of meat in the United States and uncertainty over trade tensions..
Top Chinese producers Muyuan Foods Co Ltd, Guangdong Wens Foodstuff Group Co Ltd and Beijing Dabeinong Technology, reported their worst earnings in years in the second quarter due to weak hog prices. Dabeinong also blamed high raw material prices for eroding margins in its feed business. Xie had hoped to rebuild his herd after the summer but instead “decided to stay away from the pig business for a while.”. “At least I can guarantee I don’t lose money this way,” he said.
In Iowa, the top U.S, pork-producing state, trade disputes will cause hog farmers to lose $18 per head, or $800 million in total revenue from August 2018 to July 2019, Iowa State University economists predicted in September, For The Maschhoffs, the estimated loss equates to $100 million, “We were going to make money in ‘18 and ‘19, and now we’re going to chicago bulls cufflinks have a red year,” Maschhoff said, The company considered investing in China, Eastern Europe and South America in recent years but shelved the plans because they could more efficiently raise pigs in the United States..