Ag News: U.S. Pork to Panama
**U.S. pork exports to Panama are off to such a red-hot start in 2019 that a safeguard measure has been triggered.
With export volume already exceeding 130% of the tariff rate quota in the U.S.-Panama Trade Agreement, higher tariff rates on U.S. pork were applied April 1st.
Panama's 2019 out-of-quota tariff rate for most U.S. pork products is 54.4%, but with the safeguard rose to 70%.
The U.S. Meat Export Federation’s Gerardo Rodriquez expects demand to weather the increase.
**R-CALF USA is hoping to “prevent the big four packers from capturing the U.S. cattle market from independent U.S. cattle producers.”
A lawsuit, filed in Chicago on behalf of R-CALF and four cattle-feeding ranchers, alleges violations of U.S. antitrust laws, the Packers and Stockyards Act, and the Commodity Exchange Act by unlawfully depressing prices paid to American ranchers.
The suit is filed against Tyson Foods, JBS, Cargill, National Beef Packing Company and certain affiliates.
**Beyond Meat, the vegan chicken and beef substitute maker backed by some of very big names, is seeking to raise as much as $184 million in its initial public offering.
The company plans to sell 8.75 million shares for $19 to $21 each. A listing at the top of that range would give the company a market value of about $1.2 billion.
Beyond Meat investors include Microsoft co-founder Bill Gates and actor Leonardo Dicaprio, as well as former McDonald’s CEO Don Thompson.