Farms.com Home   Ag Industry News

American Meat Institute calls newest COOL rule ‘reckless’

American Meat Institute calls newest COOL rule ‘reckless’

By Amanda Brodhagen, Farms.com

The American Meat Institute (AM) is speaking out strongly against the U.S. Department of Agriculture’s final rule on its controversial country-of-origin labeling (COOL) rule. The institute says that no changes were made to the proposal despite industry opposition over additional costs that would be insured by companies and hurting trade ties with Canada and Mexico.

The Senior Vice President of AMI Mark Dopp, said that the new rule could harm American agriculture, noting that during the consultation progress, U.S. meat companies and livestock producers expressed their concerns over the proposal. “The decision to proceed with a rule that is more costly, complex and burdensome than the earlier version,  when WTO and our trading partners have sent strong signals that this is no ‘fix,’ shows a reckless disregard for trade relations and for companies whose very survival is at risk because they rely upon imported livestock,” said Dopp.

Perhaps the most worrisome comment that Dopp mentioned is how the rule will likely prompt several meat companies to shut down due to the additional costs. The ramped up COOL regulations would not only impact the domestic meat industry says Dopp, but operations north and south of the boarders would be even more worse off. The institute says this move signals that the government is picking winners and losers.
 


Trending Video

U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!