Economic Tidbits

Agriculture Shorts

Mexico extended its zero-duty treatment of pork, beef, and poultry imports through the end of 2024. U.S. beef and pork exports to Mexico have increased over the past year due to the zero-duty and a strong peso . . . Observers say attacks on shipping in the Red Sea could be positive for U.S. corn prices if Asian countries look to replace corn purchases from Ukraine which ship through the Red Sea corridor with purchases from the U.S. But the attacks could also lead to higher shipping costs for all trade . . . Dr. Brad Lubben, farm policy expert with the University of Nebraska, told farmers attending Purdue University’s Top Farmer Conference that he’s pessimistic Congress will pass a farm bill this year . . . The USDA National Agricultural Statistics Service latest estimate of corn production in Nebraska is 1.73 billion bushels, up 19 percent from 2022. The statewide average yield is estimated at 182 bushels per acre, up 17 bushels. Soybean production for 2023 is estimated at 267 million bushels, down 4 percent. Soybean yield, at 51.5 bushels per acre, is up 2.5 bushels from a year earlier.

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