USDA’s Trade Mission to South Korea: $67 Million in Deals, Eyes on India

EPA acts on Dacthal | AEI on farm bill, SAF | China asks traders to curb some corn imports

MARKET FOCUS

• Tesla reports first negative quarterly delivery growth since 2020
• United Airlines asking pilots to take voluntary, unpaid time off next month
• ‘Western world urgently needs a significant increase in productivity growth’: Ken Griffin
• Sevens Report on the Japanese yen
• Eurozone inflation at lowest level since onset of conflict in Ukraine
• OPEC Secretary-General Haitham Al Ghais sees global oil demand increasing
• Factors behind Brent oil price surge to just over $88 a barrel
• Ag markets today
• India asks traders to avoid buying new-crop wheat
• Indonesia rice imports so far in 2024 at 1 MMT
• Ag trade update
• NWS weather outlook
• Pro Farmer First Thing Today items

BALTIMORE BRIDGE COLLAPSE

• Biden to visit site of collapsed Francis Scott Key Bridge Friday
• Seeking legal exemption
• Tugboat first vessel to navigate through temporary channel

CONGRESS

• Fate of tax cut bill in Senate: Hanging by threads
• 2017 tax reform law: many of its provisions set to expire after 2025
• House committee to hold hearing on LNG export pause

ISRAEL/HAMAS CONFLICT

• U.S. near sale of up to 50 American-made F-15 fighter jets to Israel, over $18 bil. value
  

RUSSIA & UKRAINE

• In March, Ukrainian grain exports totaled approximately 5.2 million metric tons
  

POLICY

• Payments under Emergency Relief Program (ERP) see another slight increase
• RSC proposes significant changes to agricultural policies
• AEI on farm bill, SAF
  

CHINA

• China asks traders to curb some corn imports
• Is China’s economy finally bottoming out?
• Majority of ASEAN people favor China over U.S., survey finds
  

TRADE POLICY

• USDA’s trade mission to South Korea: $67 million in deals, eyes on India
  

ENERGY & CLIMATE CHANGE

• Work on 102-mile power transmission line along Iowa-Wisconsin border halted
  

LIVESTOCK, NUTRITION & FOOD INDUSTRY

• Beef and pork exports boost corn and soybean industries in U.S.: Study
• A person in Texas was diagnosed with bird flu
• SNAP enrollment declines
  

POLITICS & ELECTIONS

• Former President Donald Trump posts $175 million bond
• Florida Supreme Court paves way for a six-week abortion ban; election issue
  

OTHER ITEMS OF NOTE

• EPA unveils measures to address health risks associated with herbicide Dacthal

— Equities today: Asian and European stock indexes were mixed but mostly firmer overnight. U.S. Dow opened around 325 points lower and kept falling to decline by around 500 points, with prices currently down just over 400. In Asia, Japan +0.1%. Hong Kong +2.4%. China -0.1%. India -0.2%. In Europe, at midday, London +0.3%. Paris +0.1%. Frankfurt -0.1%.

U.S. equities yesterday: The Dow and S&P opened April with losses while the Nasdaq registered a gain. The Dow was down 240.52 points, 0.60%, at 39,566.85. The Nasdaq rose 17.37 points, 0.11%, at 16,396.83. The S&P 500 fell 10.58 points, 0.20%, at 5,243.77.

— United Airlines is asking its pilots to take voluntary, unpaid time off next month as it grapples with delivery delays of Boeing aircraft. The carrier expects to receive fewer Boeing 737 Max 8 and 9 planes this year than previously contracted. United’s pilots’ union said it anticipates the airline to offer more time off “for the summer bid periods and potentially into the fall.”

— Tesla reports first negative quarterly delivery growth since 2020. Tesla delivered about 387,000 vehicles over the first three months of the year, the company announced Tuesday morning, coming in far below average analyst forecasts of 457,000, according to FactSet. That marks a 9% decline compared to Q1 2023’s 423,000 deliveries, which in turn is the first negative year-over-year growth for Tesla since 2020’s second quarter at the height of the Covid-19 pandemic, when deliveries slipped 4%. The company said “partially” causing the decline were supply-chain issues, including those stemming from an arson attack on its Berlin factory last month. The poor Q1 delivery numbers set the stage for what analysts expect to be the company’s weakest year of growth since at least 2012, the release year for the Model S, as 2024’s consensus deliveries of two million cars would be just 11% year, a full 25 percentage points lower than Tesla’s previous low mark for annual delivery growth.

— Ag markets today: Corn, soybeans and wheat held in tight ranges during light, two-sided overnight trade. As of 7:30 a.m. ET, corn futures were trading steady to fractionally higher, soybeans were around a penny higher, SRW wheat was a penny lower, HRW wheat was 2 to 3 cents lower and HRS wheat was fractionally to 3 cents higher. Front-month crude oil futures were more than $1.00 higher, and the U.S. dollar index was modestly lower.

Rough start to the week for cattle. Cattle futures faced heavy late session selling on Monday, resulting in bearish reversals after reports of a human case of highly pathogenic avian influenza in a Texas person who had contact with infected cattle. While the Centers for Disease Control and Prevention said the risk to humans remains low, the news spooked traders. Fundamental pressure came from a $1.33 drop in the average cash price last week and heavy weakness in wholesale beef prices. Given the technical breakdown and fundamental pressure, cattle futures are expected to face followthrough selling. Key will be whether that leads to more active selling or buyers show up under the market.

Cash hog fundamentals strengthen. The CME lean hog index is up 18 cents to $84.78 as of March 29, marking a new high during the seasonal rally. The pork cutout value firmed $2.95 on Monday, fueled by an $11.85 jump in primal bellies. The cutout at $96.61 also reached its highest level during the seasonal advance and was the highest since the end of September last year.

— Agriculture markets yesterday:

• Corn: May corn fell 6 1/2 cents to $4.35 1/2, closing nearer the session low.
• Soy complex: May soybeans settled 5 3/4 cents lower to $11.85 3/4, closing nearer session lows. May meal futures dropped $4.30 to $333.40, settling nearer session lows. May bean oil futures rose 29 points to 48.24 cents.
• Wheat: May SRW wheat fell 3 1/4 cents to $5.57, a high-range close, while May HRW fell 9 3/4 cents to $5.75 1/2, closing near mid-range. May HRS fell 10 1/4 cents to $6.34 3/4, nearer session lows.
• Cotton: May cotton futures rallied 138 points to 92.76 cents, just shy of the session high and above the 10-day moving average.
• Cattle: June live cattle futures closed $4.925 lower to $175.325, while nearby April futures dropped $4.925 to $180.075. May feeder cattle futures plunged $6.025 to $242.675.
• Hogs: Nearby April futures rose a modest 32.5 cents to $86.95, while the most active June contract surged $2.05 to $103.50, a contract high-close. Thursday’s Hogs & Pigs Report, which leaned bearish against expectations, seemingly had little effect on futures to begin the week.
  

— Quotes of note:

• “The Western world urgently needs a significant increase in productivity growth as the burden of rising government debt and entitlement spending strains almost every major economy.” — Ken Griffin. The Citadel founder used his annual letter to investors to warn about his growing worries on debt and share his view that the economy will grow only modestly this year as the Fed tries to bring down inflation to its 2 percent target.
  
• Sevens Report on the Japanese yen: “The yen hitting a 34-year low may seem like it’s disconnected from U.S.-centric investors, but it’s all connected and if the yen starts to rally materially (say greater than 5%) in the coming weeks, don’t be surprised if that causes some increased volatility in currencies, bonds and stocks. In the near term, the yen is sitting at 151.62 vs. the dol-lar. If it rises above 152.00 that’s a level most analysts think the Japanese authorities will become involved, so that’s the level to watch. More broadly, the best outcome for global markets over the next few months is that the yen “settles” around 145-150 vs. the dollar, which is weak enough to fuel the asset positive yen carry trade but not so weak that it would invite Japanese authorities to defend the yen. As is almost always the case in bull markets, “calm” in the currency and bond space is a positive and the calmer, the better.”
  

— In February 2024, the Eurozone experienced a decline in median consumer expectations for inflation over the next 12 months, dropping to 3.1% from 3.3% in January. This decrease marked the lowest level since the onset of the conflict in Ukraine. However, expectations for inflation three years ahead remained steady at 2.5%, with uncertainty surrounding inflation expectations remaining unchanged as well.

Conversely, consumers anticipated a rise in the price of their homes, with expectations increasing to 2.4% from 2.2% in January. Expectations regarding mortgage interest rates, however, remained unchanged at 5.1%.

Moreover, consumers showed optimism in nominal income growth, with expectations increasing to 1.4% from 1.2%. Expectations for nominal spending growth remained stable at 3.7%.

In terms of economic outlook, expectations for economic growth over the next 12 months remained static at -1.1%, while anticipated unemployment rate 12 months ahead also remained unchanged at 10.9%.

Market perspectives:

— Outside markets: The U.S. dollar index was weaker with most currencies stronger against the greenback ahead of U.S. trading. The yield on the 10-year U.S. Treasury note was firmer, trading around 4.37%, with global government bond yields also higher after several markets were closed for holidays Friday and Monday. Crude oil futures remained higher but off levels seen in Asian trading with U.S. crude around $85 per barrel and Brent around $88.65 per barrel. Gold and silver futures were sharply higher, with gold around $2,276 per troy ounce and silver around $25.63 per troy ounce.

— OPEC Secretary-General Haitham Al Ghais sees global oil demand increasing to 116 million barrels a day by 2045, with crude making up about 30% of the energy mix, according to an interview with Oilprice.com.

— Oil prices have surged Brent oil to just over $88 a barrel, reaching this level for the first time since October (WTI near $85)

Some factors behind the recent price rally:

• OPEC+ cuts: The rally in oil prices is attributed to production cuts by OPEC and its allies (collectively known as OPEC+). These cuts have tightened the market amid robust global demand for oil.
• Geopolitical tensions: Heightened geopolitical tensions, particularly in the Middle East, have further fueled the increase in oil prices. An Israeli airstrike on Iran’s embassy in Syria, resulting in the death of a top military commander, has added to the geopolitical risks.
• Investor sentiment: Hedge funds and other investors have become increasingly bullish on crude oil in recent weeks. Data indicates that net-long positions in Brent crude are at a 13-month high. Traders are willing to pay premiums for immediate oil delivery, reflecting strong demand sentiment.
• Inflationary pressures: The oil price rally presents a fresh inflationary test, particularly in an election year. Rising oil prices contribute to higher gasoline prices, which could impact inflation rates. This situation poses challenges for central banks’ efforts to cut interest rates but benefits major oil-exporting countries and oil companies financially.
• OPEC+ policy: OPEC+ is expected to maintain its current output policy at an upcoming review meeting. This decision would likely result in a supply deficit in the oil market for the remainder of the year, according to BloombergNEF forecasts.

Bottom line: A further rally would have implications for global inflation and economic policies.

— India asks traders to avoid buying new-crop wheat. India has asked global and domestic trade houses to avoid buying new-crop wheat from local farmers to help the government-backed Food Corporation of India (FCI) procure large quantities to shore up its depleting reserves, sources told Reuters. The government informally asked private traders to avoid buying wheat at least in April, the sources said, its first such guidance since 2007. Wheat procurement starts tapering off after mid-May. The Indian government has sold record quantities of wheat from state stockpiles to boost local supplies and tame prices, leading to a drawdown in reserves essential for the world’s biggest food welfare program. Despite falling inventories, New Delhi has resisted calls for wheat imports as overseas purchases tend to anger farmers who will be an influential voting segment in the April 19 elections.

— Indonesia rice imports so far in 2024 at 1 MMT. Indonesia has already imported 650,000 metric tons of rice and has signed contracts for another 350,000 metric tons, according to Bayu Krisnamurthi, head of the Indonesia State Food Procurement agency (Bulog). More than half of the 1 million metric tons (MMT) rice will come from Vietnam with remaining supplies from Thailand, Pakistan, and Cambodia. The country has established a rice import quota of 3.6 MMT for 2024.

— Ag trade update: Taiwan purchased 65,000 MT of corn expected to be sourced from Argentina. Japan is seeking 113,535 MT of milling wheat via its weekly tender.

— NWS weather outlook: Heavy snow over the Upper Great Lakes/Upper Mississippi Valley on Tuesday and Wednesday; Heavy snow over Upstate New York and Northern New England on Wednesday... ...There is a Moderate Risk of severe thunderstorms over parts of the Ohio Valleys on Tuesday and two areas of Slight Risk over parts of the Mid-Atlantic and Florida peninsula on Wednesday... ...There is a Sight Risk of excessive rainfall over parts of the Lower Great Lakes, Ohio/Tennessee Valleys, and Central Appalachians on Tuesday.

Items in Pro Farmer’s First Thing Today include:

• Quiet overnight grain trade
• HRW CCI ratings post big jump from last fall
• Cordonnier’s South American crop estimates unchanged

— Updates:

• Biden to visit site of collapsed Francis Scott Key Bridge Friday, White House press secretary Karine Jean-Pierre said Monday at a White House briefing. Biden will visit the collapsed Francis Scott Key Bridge, meet with Maryland officials and “get an on the ground look at federal response efforts,” Jean-Pierre said. Biden pledged considerable federal support soon after the collapse Tuesday, and said he would be traveling to Baltimore as soon as he could.
• Seeking legal exemption. The companies that own and manage the cargo ship Dali, which collided with Baltimore’s Francis Scott Key Bridge causing its collapse and resulting in fatalities, are seeking legal exemption from liability. Grace Ocean Private Ltd. and Synergy Marine Pte Ltd., based in Singapore, have filed a claim in Baltimore’s U.S. District Court to absolve themselves of responsibility or limit damages to the value of the ship and its cargo, estimated at $43.7 million. The incident occurred when the Dali lost power shortly after leaving the Port of Baltimore and struck a support pier of the Key Bridge, leading to its catastrophic failure. The companies’ claim is made under the Limitation of Liability Act of 1851, a statute aimed at protecting the maritime industry, which, if successful, would centralize all claims related to the incident in one court and place liability determination in the hands of a judge rather than a jury. However, legal experts suggest that the success of such a claim hinges on proving the vessel owner’s non-negligence, which may be challenging given the circumstances of the collision with the bridge. Typically, limitation of liability actions fails if there is evidence of fault on the part of the vessel owner.
  
• The first vessel to navigate through a temporary channel near Sollers Point following the collapse of the Francis Scott Key Bridge was a tugboat pushing a fuel barge. This tugboat, named Crystal Coast, successfully moved the barge carrying jet fuel destined for the Dover Air Force Base. The salvage operation progressed despite adverse weather conditions, with crews working continuously to clear debris from the bridge. The temporary channel, restricted to salvage vessels, has a depth of 11 feet, while a deeper channel for larger vessels is under construction.

— Fate of tax cut bill in Senate: Hanging by threads. The bipartisan tax bill faces yet another obstacle as it competes for attention on the Senate’s crowded agenda. With key Republicans showing little interest in advancing the bill, it must vie for floor time against a plethora of pressing issues, including confirming judges, infrastructure projects, rail safety, cannabis banking, a new farm bill and more. Despite the bill’s importance, its political viability is diminishing, with questions arising about senators’ continued interest after the looming tax filing deadline. Senate Majority Leader Chuck Schumer (D-N.Y.) faces tough decisions on whether to prioritize the tax bill over other legislative priorities and whether to risk a failed procedural vote. Some argue for forcing a vote to highlight Republican opposition, while others caution against an early defeat.

— 2017 tax reform law ushered in significant changes to the tax landscape, but many of its provisions are set to expire after 2025, reverting to the rules in effect for 2017 unless extended by Congress. Here are some key provisions likely to change in 2026:

• Tax brackets: Individual income tax rates are expected to return to their pre-2018 levels, with different income breakpoints.
• Standard deductions: The doubled standard deductions from 2017 will likely revert.
• Child credits: The increased child tax credit and additional credit for dependents may expire. Prior to 2018, it was $1,000. Now, it’s $2,000.
• Alternative minimum tax (AMT): Higher exemption amounts resulting in fewer taxpayers paying AMT could revert.
• Qualified business income deduction: The 20% deduction for pass-through entities might change.
• Adjusted-gross-income limitation on cash donations: The increased limit for charitable donations may end.
• Estate and gift tax exemption: The larger exemption amount for estate and gift taxes may decrease. People who die in 2024 have a $13.610 million exemption per individual versus $5.490 million for 2017 deaths (adjusted for inflation, 2026 individual exemption would be $7 million).
• Deductions: Various deductions such as personal exemptions, state and local taxes, home mortgage interest, and miscellaneous deductions subject to AGI thresholds may be affected.
• Tax breaks not in the 2017 law: The expansion of the Obamacare health premium credit and tax exemption for forgiven student loan debt may expire.

Bottom line: Overall, significant changes are anticipated in 2026 as many tax provisions from the 2017 law are set to revert unless Congress takes action to extend them.

— House committee to hold hearing on LNG export pause. The House Energy and Commerce Committee will convene a field hearing in Port Arthur, Texas, on April 8 to address the Biden administration’s halt on approvals for new liquefied natural gas (LNG) exports. This pause, implemented while the administration examines the climate impacts of such exports, has prompted concerns among stakeholders. The hearing intends to gather insights from those affected by the suspension of new export approvals. Officials from the Biden administration have indicated that the review process should be concluded by the end of this year.

— U.S. is on verge of approving the sale of up to 50 American-made F-15 fighter jets to Israel, valued at over $18 billion. This deal would constitute the largest U.S. foreign military sale to Israel since its conflict with Hamas in October. The transaction highlights ongoing U.S. support for Israel, despite tensions between President Joe Biden and Israeli Prime Minister Benjamin Netanyahu.

Additionally, Iran has pledged retaliation after attributing a strike, which killed two of its top commanders and five officials at its consulate in Syria, to Israel. This situation raises concerns about the potential escalation of conflict in the Middle East.

— In March, Ukrainian grain exports totaled approximately 5.2 million metric tons (MMT), a decrease from the 5.8 MMT recorded in February, as reported by Agriculture Ministry data. This puts the total grain exports for the 2023-24 period at 34.9 MMT, down from 38 MMT in the previous year. Notably, exports for 2023-24 include 18.8 MMT of corn, 13.8 MMT of wheat, and 1.96 MMT of barley. The Ukrainian farm business association UCAB attributed the decline in March shipments to various factors, including shelling by Russian forces in southern Ukraine, disruptions at seaports, and protests in Poland blocking land routes.

— Payments under the Emergency Relief Program (ERP) have seen another slight increase, with ERP Phase 2 payments rising to $885.17 million, up from $884 million the previous week. Total payments under the ERP, including both Phase 1 and Phase 2, have remained largely unchanged at $8.64 billion as of March 31. Phase 1 payments account for $7.75 billion of the total, showing minimal change.

— The Republican Study Committee (RSC) proposes significant changes to agricultural policies, aligning with former President Donald Trump’s suggestions. They advocate for cutting off crop subsidies to “wealthy farmers” and increasing the financial responsibility of growers for crop insurance premiums. These proposals aim to reform and streamline federal spending on agricultural programs.

Under the RSC’s plan (link), crop subsidy programs like Price Loss Coverage and Agriculture Risk Coverage would only benefit farmers with adjusted gross incomes below $500,000 annually. This shift intends to direct subsidies towards smaller farmers.

Additionally, the RSC proposes reducing the federal government’s share of crop insurance premiums from 62% to 52%, as reportedly suggested by Trump. They also suggest ending USDA reimbursement of administrative expenses for crop insurers and capping payments to insurance companies for underwriting gains, which could save billions over the next decade.

The RSC’s budget also includes measures to limit crop insurance subsidies for individual farmers to $40,000 over ten years. Moreover, they propose halting new enrollments in conservation programs like the Conservation Reserve and the Conservation Stewardship Program, aiming to streamline conservation efforts.

Comments: One farm bill watcher says: “The RSC unveils this same stuff year in and year out and thankfully it goes nowhere. But RSC members should be reminded by their constituents just how harmful these proposals would be to them and their districts. Between these proposals and the Biden budget proposal to eliminate stepped up basis and its maladministration of farm programs entrusted to them that have also harmed farm and ranch families, it’s discouraging to those who feed, clothe, and fuel the country in a manner that is unrivaled in history.”

— AEI on farm bill, SAF. The prospects for Congress approving a new farm bill in 2024 have apparently become so dim that they are almost invisible, says the American Enterprise Institute (AEI). When passing a new farm bill in 2023 became infeasible, Congress extended the provisions of the 2018 Farm Bill through the end of the 2024 fiscal year. Many lawmakers and commenters are now suggesting that a new bill may well not be approved until members of the 119th Congress have begun their work in 2025.

Nevertheless, AEI say farm interest groups have continued to push for increased subsidies to farm income safety-net programs by raising support prices that would trigger more frequent and larger payments, ideally as soon as possible. They have received strong support for this policy change from Republican members of the House and Senate agriculture committees, who have been unable to identify viable funding sources for the increases in the context of a new farm bill.

The group notes that USDA Secretary Tom Vilsack has suggested he could use his discretionary authority over surplus Commodity Credit Corporation (CCC) funds to increase those subsidies. Vilsack has stated he would talk to lawmakers about this. Vincent H. Smith, Joshua Sewell, and Eric J. Belasco open the first issue of AEI’s Seasonal Harvest (link) by asking whether Vilsack’s suggestion is an appropriate use of administrative discretion and whether Congress should rein back the secretary’s authority to disburse unspent CCC moneys to programs often targeted to gain farm votes in federal election years.

As for biofuel policy, AEI’s Andrew Swanson and Aaron Smith examine (link) the potential impacts on land use for crop production if the Biden administration used biofuels to reach its goal of producing three billion gallons of sustainable aviation fuel (SAF) by 2030. They estimate that meeting the goal by increasing ethanol production would require feedstock from about 10 million acres of corn. However, meeting the SAF goal by increasing soy-based biodiesel production would require feedstock from about 40 million acres of soybeans. Given the likely impacts on land use and crop prices, Swanson and Smith ask whether SAFs produced using either crop will reduce greenhouse gas emissions from aviation fuel.

— China asks traders to curb some corn imports. Chinese customs have asked some traders to limit deliveries of foreign corn into bonded areas, in a move aimed at easing domestic oversupply and supporting prices for farmers before the planting season, Bloomberg reported. The country has an official corn import quota of 7.2 MMT, which benefits from a tariff of just 1%. Above that, cargoes are subject to duties of 65%. However, corn brought into bonded areas can be blended with other ingredients and processed into animal feed, which is then imported at a lower duty. Local officials are asking traders and processors to keep arrivals below year-ago levels, sources told Bloomberg. Authorities stepped up checks on cargoes and tightened requirements for processors, according to one of the sources. Limiting deliveries of foreign corn would likely put pressure on global prices and could lead to washouts of some cargoes, the sources noted.

— Is China’s economy finally bottoming out? Recent data contains clear hints of improvement but the Fed, for one, could play spoiler. Link to WSJ article.

— Majority of ASEAN people favor China over U.S., survey finds. According to the State of Southeast Asia 2024 survey, compiled by the ISEAS-Yusof Ishak Institute, 50.5% of respondents opted for China and 49.5% preferred the U.S. if ASEAN had to pick sides.

— USDA’s trade mission to South Korea: $67 million in deals, eyes on India. USDA’s trade mission to South Korea yielded $67 million in business agreements, signaling strong interest from Korean businesses in U.S. food and ag products. USDA Undersecretary of Agriculture for Trade and Foreign Agricultural Affairs, Alexius Taylor, highlighted discussions on chemical and biotech trade issues with South Korean officials. South Korea, the US’ fifth-largest export market, imported over $8 billion in U.S. food and ag products in 2023, making it a key focus for export market growth. Taylor emphasized the success of U.S. companies in securing deals during the mission and highlighted the importance of the South Korean market for market diversification efforts.

Taylor was asked if the issue of biotechnology regulation came up during bilateral meetings with her Korean counterparts—the issue was highlighted as a trade friction point in the Office of the US Trade Representative’s annual report on key trade barriers. USDA officials “met and had discussions with several of their key regulators in the biotechnology space,” Taylor replied. She added that she met separately with in-country representatives for U.S. agrichemical firms to “hear firsthand some of the on the ground challenges that industry is having and be able to raise those with counterparts.”

During the session, Taylor was asked what trade concerns she heard related to the ongoing bird flu outbreak — including recent infections in dairy cattle and the first human case. She said the U.S.’ reputation for food safety remains strong and importers have confidence in the U.S.’ animal disease detection and response infrastructure. “I think that also gives a lot of confidence around the safety of our products and our exports, as well as our ability to follow science when we do open our markets—and having competence in the scientific evaluation that they’re the same as the surveillance and monitoring systems and processes that we have on the ground here in the United States,” Taylor said.

The next USDA trade mission is set for India, leveraging recent tariff reductions on U.S. specialty crops to bolster market opportunities.

— Work on a 102-mile power transmission line along the Iowa-Wisconsin border was halted by a lawsuit with just two miles left, Inside Climate News reports. Environmental groups say the remaining stretch threatens a wildlife and fish refuge.

— Beef and pork exports boost corn and soybean industries in U.S.: Study. The Beef and pork exports have a significant impact on the corn and soybean industries in the United States, according to a study conducted by The Juday Group and released by the U.S. Meat Export Federation (USMEF). In 2023, beef and pork exports amounted to $18.1 billion, contributing substantially to the value of corn and soybeans nationally and on a state level in leading corn and soybean-producing states. Link for more.

According to the study:

• Nationally, beef and pork exports contributed an estimated total economic impact of 14.6% per bushel to the value of corn and 13.9% per bushel to soybeans in 2023.
• Beef and pork exports accounted for 512.7 million bushels of U.S. corn usage, with a market value of $3.05 billion.
• Beef and pork exports also contributed to the usage of distiller’s dried grains with solubles (DDGS), totaling 3.07 million tonnes and equating to $671.62 million.
• Pork exports accounted for 96.8 million bushels of U.S. soybean usage, valued at $1.36 billion.

These exports had a significant economic impact, contributing to the overall value of corn and soybeans in the market. Additionally, the quality of U.S. corn and soybeans as feed inputs was highlighted as a key differentiator for U.S. red meat in international markets, emphasizing the importance of sustainable production practices and feed processing efficiencies.

— A person in Texas was diagnosed with bird flu, the second human case linked to infected dairy cattle in recent weeks. The patient’s only symptom was eye inflammation, and they are being treated oseltamivir, the antiviral drug sold by Roche as Tamiflu. The risk to the general public is considered low, but close contact with infected birds or animals increases the risk of infection.

The virus has spread among dairy herds in Texas, Kansas, Michigan, Idaho, and New Mexico, suggesting potential cow-to-cow transmission.

There are concerns among epidemiologists about the virus evolving to spread more easily among humans, although there is currently no evidence of this. USDA has not identified changes to the virus that would make it more transmissible to humans.

Texas officials are providing guidance to affected dairies on minimizing exposure and monitoring for flu-like symptoms among workers.

— SNAP enrollment declines. Some 41.2 million people received SNAP benefits at latest count, the smallest enrollment since August 2022; benefits averaged $193.76 per person per month. Link/pdf for data.

— Former President Donald Trump has posted a $175 million bond as he appeals the judgment in the New York civil fraud case brought by state Attorney General Letitia James. This bond temporarily halts any action against Trump’s properties until at least September. The bond amount was reduced from the original judgment of $464 million by a state appeals court following arguments from Trump’s legal team.

Meanwhile, Trump’s media company faced a significant setback as it reported losses exceeding $58 million and minimal revenue in 2023. This news led to a sharp decline in the company’s shares. As the majority shareholder, Trump’s net worth plummeted by over $1 billion.

— Florida Supreme Court paved the way for a six-week abortion ban, making Florida one of the most restrictive states in the country for obtaining an abortion. However, voters will have the opportunity to consider a constitutional amendment in November that could potentially reverse this measure. This sets the stage for a presidential-year battle over reproductive rights in Florida. Similar initiatives have been seen in other states like Michigan and Ohio, where voters directly weigh in on reproductive rights following the Supreme Court’s overturning of Roe v. Wade. The initiative is expected to increase voter turnout, particularly in the closely contested rematch between President Biden and Donald Trump.

— EPA unveils measures to address health risks associated with herbicide dimethyl tetrachloroterephthalate (DCPA), commonly known as Dacthal. The agency is particularly concerned about the significant dangers posed to pregnant individuals and their unborn children due to exposure to DCPA. Link for more details and documents.

DCPA is primarily used as an herbicide in agricultural settings, especially on crops such as broccoli, Brussels sprouts, cabbage, and onions. Despite its widespread use, recent assessments by the EPA have revealed alarming health risks associated with DCPA exposure, particularly for pregnant individuals and their babies. These risks include potential changes to fetal thyroid hormone levels, which can lead to issues such as low birth weight, impaired brain development, decreased IQ, and impaired motor skills later in life.

EPA’s evaluation found that even when personal protective equipment and engineering controls are used, significant risks persist. Pregnant individuals working with DCPA products could be exposed to levels of the herbicide far exceeding what is considered safe. Moreover, there are concerns about the risks posed to developing babies of pregnant individuals who enter or work in areas where DCPA has been applied, as well as risks to individuals using golf courses and athletic fields treated with DCPA.

Following its assessment, EPA compelled the sole manufacturer of DCPA, AMVAC, to submit overdue data on the herbicide’s risks. While AMVAC has made some changes, such as canceling DCPA products for use on turf, the EPA deems these measures inadequate to address the serious health risks associated with DCPA. Consequently, the EPA is preparing to take further action under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) to protect people from DCPA risks.

EPA’s efforts to address DCPA risks have been ongoing for several years. In 2013, the agency issued a Data Call-In (DCI) to AMVAC, requiring the submission of studies to support DCPA registrations. However, AMVAC failed to provide the required data in a timely manner, prompting the EPA to suspend the registration of DCPA technical-grade products in 2023. Although the suspension was lifted after AMVAC submitted additional data, concerns about the risks associated with DCPA use in agriculture persisted.

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