US Pork Exports Resume as Middle East Tensions Fuel Grain Prices

The US Meat Export Federation announced that Mexico and Colombia have fully repealed restrictions on pork exports imposed after the discovery of pseudorabies on an Iowa hog farm in April. The restrictions, which cost $6-7 million weekly, were lifted by mid-July, allowing trade to resume.

Middle East tensions are driving up crude oil and grain prices, says Tanner Ehmke from CoBank. Strong biofuel demand, particularly for ethanol exports and renewable diesel, is supporting corn and soybean prices. The EPA's renewable volume obligation is also boosting soybean oil demand, prompting US crushers to expand capacity.

CME Group has launched a new sorghum basis futures contract, set to begin on August 24th. This move addresses decades of unmanaged price risk for producers, offering them a tool to hedge the versatile crop used as food, feed, and fuel.