China poultry move seen as state boon
The U.S. is closer to resuming poultry exports to China after 172 processing plants were given approval to ship their products to the world's most populous country.
Of the plants designated, 21 are in Arkansas, signaling a boon in state export dollars in the not-so-distant future.
China approved poultry imports from the selected processing plants effective Friday, according to China's customs website. China lifted its ban on U.S. poultry earlier this month as part of ongoing trade talks between the two superpowers. Approval of the plants was first reporter by Bloomberg News.
Meanwhile, the Asian nation is dealing with an unprecedented protein shortage after a disease wiped out half of the country's hogs, and is looking for ways to fill the gap with imports of pork, beef and poultry.
Chicken producers Tyson Foods, Pilgrim's Pride, Sanderson Farms and others are on the short list to start shipping products overseas, according to a document published by the U.S. Department of Agriculture's Food Safety and Inspection Service. Turkey processor Butterball and Arkansas producers George's Inc. and Simmons Foods also made the cut.
-- Nathan Owens
China's U.S. soybean imports fall in month
China's imports of U.S. soybeans contracted to the lowest level in three months in October as the world's biggest buyer delayed unloading of American soybeans at its ports.
China's inbound shipments from the U.S. slumped to 1.15 million tons from 1.73 million tons in September, but were well above the 66,955 tons in October last year, customs data shows.
The nation bought 3.8 million tons of soybeans from Brazil, the largest supplier, down from 4.79 million tons in September and 6.53 million tons in October last year as old crop supplies dwindled.
Imports from Argentina were 959,936 tons, down from 976,486 tons in September and a mere 33,200 tons in October last year.
China may see imports this month climb to more than 8.5 million tons after the October delays, which could ease shortages at some crushers, said the China National Grain and Oils Information Center.
-- Bloomberg News
Arkansas Index up 3.26, ends at 470.84
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 470.84, up 3.26.
"Wall Street's three major averages closed higher on Monday over signs of potential progress between the United States and China on a trade truce, combined with a couple of merger deals helping investor sentiment," said Chris Harkins, managing director at Raymond James & Associates in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 11/26/2019