Ag Subcommittee Approve Ban on Brazilian and Argentine Beef; Oil Prices May Fall Further
The House Appropriations Agriculture Subcommittee approved an amendment to the Agriculture Appropriations bill banning imports of Brazilian and Argentine Beef. The ban would be in place, under the amendment, until the U.S. Department of Agriculture evaluates the potential risk of foot and mouth disease to the U.S. cattle industry. The amendment was adopted just one week after USDA gave approval for imports of beef from select areas of Brazil and Argentina. The decision was made despite concerns over potential threats of foot-and-mouth disease to U.S. cattle.
Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt. In a report by the International Energy Agency, there will be no overall production growth outside OPEC nations next year for the first time since 2008. The report stated “the bottom of the market may still be ahead.” Brent crude futures, noted as a global benchmark for oil prices, have lost 13 percent since hitting its high last May.