Highlights
A drone launched from Iran struck the Israeli-linked tanker MV Chem Pluto 350 km off the Indian coast. The vessel is carrying crude oil from Saudi Arabia to India. No casualties, but some structural damage was done, there was a fire, and the ship did take on some water. Iran is attacking Saudi and Indian interests
The final third quarter USA GDP estimate expanded by 4.9%; market expected 5.2%. Where is that recession?
California’s Proposition 12 requires all food products sold in California must have been grown according to the environmental and humane standards set by the state of California. Pork is probably most impacted by the proposition because California grows less than 1% of the nation’s pork, but consumes more than 15% of it and there are more people in California than any other state.
The legislation was to take effect 1 July of this year, but California extended the effective date until 1 January 2024. It is possible the hog market could be quite volatile in the early weeks or months of 2024.
Rob Mohr, Livestock Crop/Livestock Agent, Livestock Risk Partners informed us pork producers who seek to learn the requirements for California’s Proposition 12, can find valuable guidance in a new resource offered by the Iowa Pork Industry Center. The publication, titled Sow Management Considerations with California Proposition 12, is aimed at assisting producers in making their farms compliant with the new requirements. Go to: https://store.extension.iastate.edu/product/16900