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Manitoba Pork welcomes new investments to prevent African swine fever in Canada

Manitoba Pork is commending Marie-Claude Bibeau, Minister of Agriculture and Agri-Food Canada and the federal government on last week's announcement of a new $45.3 million investment to help prevent and prepare for a potential outbreak of African swine fever (ASF). 

ASF has not yet been found in Manitoba or in Canada, however its presence would have devastating impacts on the sector and to both the provincial and Canadian economy.

“The detection of African swine fever in our country would be catastrophic for both Manitoba and Canada’s hog sector,” said Manitoba Pork chair Rick Préjet. “Manitoba’s hog farmers are pleased that the federal government recognizes the threat that this disease poses not only to our sector, but our economy as well. We are committed to working in close collaboration across our sector, and with our partners at all levels of government to prevent African swine fever from reaching Canada, while also working to ensure that we have plans to mitigate potential impacts the best we can.”

The funding announcement includes $23.4 million to support the sector’s already robust prevention and mitigation efforts, $19.8 million to support of the efforts of the Canadian Food Inspection Agency, and $2.1 million to enhance the work of Canada Border Services Agency on border control activities.

ASF does not pose a health risk to humans, other animals, or the food system, and it has not been detected in pigs in Canada. The disease is currently spreading throughout countries in Europe and Asia and was discovered last year in the Dominican Republic.

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Agricultural and Economic Briefing: USDA Reports, Global Tensions, and Market Reactions

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USDA Crop Production and WASDE Reports The USDA is set to release its monthly Crop Production and WASDE reports today at 11:00am CST. These reports will reflect the updated new crop US corn and soybean balance sheets, incorporating data from the June Planted Acreage report which showed a significant increase in corn acreage. While no major adjustments to US corn and soybean yield projections are expected, the focus will be on potential changes to global supply and demand. The reports are anticipated to bear a mostly bearish tone, especially concerning corn prices.

Geopolitical Developments in Ukraine Ukraine's recent detention of a foreign cargo ship on the Danube River, suspected of carrying stolen Ukrainian grain from Russian-occupied Crimea, has escalated tensions. This incident has stirred concerns about potential Russian retaliatory actions during Ukraine's crucial grain export season. Wheat futures saw a sharp rise following the news, highlighting the sensitive interplay between geopolitical events and commodity markets.

US Drought Conditions and Agricultural Impact Recent USDA drought monitor data indicates mixed conditions across the US Corn Belt and High Plains, with many areas receiving beneficial rainfall and experiencing cooler-than-average temperatures. However, conditions have worsened in parts of western Illinois and northeast Missouri. These evolving weather patterns are critical for crop development stages and will continue to influence market dynamics.

US Crop Export Sales Corn export sales showed an increase last week, with Colombia being the largest buyer. However, soybean sales were relatively weak, with the Netherlands as the primary buyer. The varied performance in crop export sales reflects shifting global demand and market conditions, which traders closely monitor for strategic insights.

Economic Indicators and Market Reactions In a surprising economic update, consumer prices declined for the first time in four years last month, with the CPI falling 0.1% in June. This decline, coupled with the slowest annual inflation increase since March 2021, has significantly influenced market expectations, with the probability of the Federal Reserve beginning rate cuts in September now standing at 89%.

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