Chinese Buyers Back in U.S. and Ethanol Output Down
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**Chinese buyers are traveling back to the U.S. and showing strong interest in our products.
Since the reopening of China to travel, four delegations have participation in reverse trade missions to the U.S. with many others traveling for industry tours and conferences across the country.
Chinese buyers, traders, and importers have reengaged with U.S. companies and continue to find new avenues and products to import.
**Farm Bureau Chief Economist Roger Cryan testified at the Federal Milk Marketing Order Pricing Formula hearing.
His testimony underscored the need for updating Class 1 and Class 2 price differentials to bring fairness for farmers back into the Federal Milk Marketing Orders.
Class 1 differentials are meant to incentivize the movement of milk to where it’s demanded and assist in maintaining regional production capacity that provides consistent access to fresh milk.
**The Energy Information Administration says ethanol output dropped to its lowest level in seven weeks, and inventories also fell during the week ending November 24.
Biofuel production fell to an average of 1.011 million barrels a day, down from 1.023 million barrels a week earlier and the lowest level since October 6.
Overall ethanol stockpiles dropped 21.37 million barrels, with Midwest and Rocky Mountain output down, East Coast production unchanged, and Gulf and West Coast output higher.
