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Boston Globe
2 hours ago
- Business
- Boston Globe
$1.5 billion acquisition of Herb Chambers auto group is complete
Advertisement AGRICULTURE Farm and fisherman bankruptcies hit five-year high amid low prices and high costs After years of low crop prices and rising costs, America's small farmers are facing a crisis brought on by higher interest rates, Trump's trade war, and dramatically reduced demand from China. In the first half of the year, small-business bankruptcies filed by farmers and fisherman hit the highest number since 2020, which was the tail end of a similar cycle of low-prices. Farm debt is expected to hit $561.8 billion in this year, a record high, according to the US Department of Agriculture. 'We've had three years of tough sledding here where breakevens are at or below cost,' said Brett Bruggeman, the chief operating officer at Land O'Lakes Inc., one of the biggest farmer-owned cooperatives in the United States. Soybean, corn, and pork producers have been among the hardest hit farmers in recent years as China began buying more from competitors in Brazil and other parts of Latin America. Before President Trump's first term in office in 2017, US farmers dominated the Chinese import market, said Joseph A. Peiffer, with the Iowa-based law firm Ag & Business Legal Strategies. Today Brazil occupies that position, he said. 'Once you lose a customer it's awful hard to get them back,' he said. Firms that specialize in restructuring farm debt have seen an increase in business, lawyers said. Land O'Lakes said its members are seeing dwindling cash reserves and growing concerns about the 2026 crop year. More new growers have been applying to a Land O'Lakes program that helps finance crop inputs like seeds and nutrients. — BLOOMBERG NEWS Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up SODA Advertisement Coca-Cola could turn to cane sugar. But can US growers meet demand? After four decades drinking Coca-Cola sweetened with corn syrup, Americans are going to get the chance to buy the soda made from domestic cane sugar. But whether US farmers can meet that demand is unclear. Coca-Cola Co. said Tuesday it will launch the new Coke variety this fall, a week after President Trump said the company had agreed to start using the sweetener. The move is hardly an outlandish idea. In fact, Coke sold in other countries like Mexico is sweetened with cane sugar. And the company relied on cane sugar before switching to high fructose corn syrup around 1980. While the company will still be using corn syrup for original Coke, the addition of a domestic cane-based soda could help growers in Louisiana and Florida at a time when demand has been slow. However, a sustained bump in demand — especially if other companies follow Coca-Cola's lead — risks outstripping homegrown availability. US cane only makes up about 30 percent of overall domestic sugar supplies, according to the US Department of Agriculture. The rest comes from imports, which were about 2.2 million metric tons for the 2025-26 season, and American-grown sugar beets that perform better in colder climates. A sugar supply shortfall would likely mean more cane imports from Mexico and Brazil, exposing American companies and consumers to higher prices just as they are facing market upheaval from Trump's tariffs. Cane sugar is more expensive than high-fructose corn syrup. On top of that, long-standing import tariffs mean US raw cane sugar futures are already more than double what the rest of the world pays. That price gap widened to a record on Tuesday. — BLOOMBERG NEWS Advertisement HOUSING MARKET US home sales slow again as prices keep pushing record highs Sales of previously owned US homes fell in June to a nine-month low as potential buyers continued to bristle at record prices and high borrowing costs. Contract closings decreased 2.7 percent in June to an annualized rate of 3.93 million, a report from the National Association of Realtors showed Wednesday. Economists surveyed by Bloomberg expected a 4 million sales rate. The median sales price increased 2 percent in June from a year ago to $435,300. Home prices continue to rise even after a recent pickup in inventory. 'Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth,' Lawrence Yun, NAR chief economist, said in a statement. 'High mortgage rates are causing home sales to remain stuck at cyclical lows.' Yun said on a call with reporters that it's typical to see high home prices this time of year because families want to move before the school year begins. The nation's home-resale market is likely to limp along for the foreseeable future as would-be buyers contend with mortgage rates hovering near 7 percent and prices that are up almost 50 percent from five years ago. While home listings have increased this year, many owners are hesitant to give up mortgages secured at much lower rates. — BLOOMBERG NEWS Advertisement RIDE-HAILING Uber to test program to match female riders and drivers Uber Technologies Inc. is piloting a new ride type in the United States that will match female riders and drivers, expanding access to a safety feature it already offers in some international markets. The service will launch in Los Angeles, San Francisco, and Detroit over the next few weeks, the company said in a statement Wednesday. Riders will see a new on-demand ride option called 'Women Drivers' alongside the existing UberX, Comfort, UberXL, and Black offerings. Customers can reserve such a trip in advance, or set their preference in the app settings to increase the likelihood of being matched with a woman driver. Female drivers, who make up about 1 in 5 of Uber's US driver population, can similarly choose that preference in the settings of their driver app. Drivers' eligibility for the program will be based on the gender listed on their license. For riders, it will be determined by their first name or whether they specified their gender as female on their Uber profile. 'It's about giving women more choice, more control, and more comfort when they ride and drive,' said Camiel Irving, vice president of operations in the US and Canada. Cities that have a bigger population of women drivers will be the ones that get the feature sooner, she said, but added that the three options are designed to allow different ways of matching without compromising wait times and service availability. The company also sees the option as a way to attract more female drivers to the platform. — BLOOMBERG NEWS Advertisement
The Star
a day ago
- Business
- The Star
Complicated question of the plantation workforce
Let's face it, the real battle for Malaysia's oil palm industry isn't fought over presentations with laser-pointers and catered kuih in climate-controlled boardrooms. It's happening out in the field – across 5.6 million hectares of estates where the sun blazes, rain pours and planters juggle rising costs, labour shortages and a growing stack of compliance paperwork that seems to multiply faster than the loose fruit on the ground. The biggest tragedy? Ripe fruit bunches are left unharvested and loose fruit are left rotting. We're not just losing potential yield in theory – we're losing it by the tonnes and tonnes. And at the core of it all is one stubborn, still unsolved truth: we need workers. Real, breathing, skilled hands in the field. Yields and revenue are slipping Let's not sugar-coat it: oil palm yields are not flatlining – they're slipping. Land expansion is effectively frozen. Our national average sits at 16.7 tonnes of fresh fruit bunches per hectare per year, while top yielding estates hit between 25 tonnes and 30 tonnes per hectare per year. That yield gap? The yield loss is bleeding us. And yet, the real tragedy is not the absence of fruit bunches – it's the absence of hands that account for a large part of the losses seen. All the best planting materials and agritech practices won't matter if there aren't enough skilled harvesters. No harvesters means no bunches at the weighbridge, which mean no revenue. It really is that simple. Just one extra tonne of fruit bunch per hectare, across five million hectares of mature palms, means RM5bil in revenue. At the current total effective tax rate on planters of 31.6%, that's RM1.6 billion in government revenue vanishing every year. And that's for just one tonne per hectare yield loss. Even without fertiliser, palms still fruit, although usually less. Nature, it seems, doesn't stop giving. But we're leaving money, literally, on the tree. At RM1,000 per tonne, every 20kg unharvested bunch is RM20 blown to the wind. Multiply that across estates and regions and you get not just missed earnings, but a full-blown economic own goal. Unspoken global truth Think Malaysia is alone in needing migrant workers? Think again. The mighty, mechanised US agricultural sector runs heavily on 'unauthorised' workers – a genteel euphemism for the non-documented, non-legal labour force that makes up over 40% of crop farmworkers, according to the US Department of Agriculture. And while the United States publicly debates immigration policy, it also quietly expands seasonal permits. Similar requirements for migrant workers exists in other developed economies. The economics of agriculture always wins, even when politics drags its feet. Back home, however, the issue remains strangely radioactive. The plantation sector has long pleaded for a more transparent, scalable and legal pathway for foreign workers. Yet approvals are slow, policies inconsistent and the rationale? Often vague. Perhaps I lack the full context to fully appreciate it, but it appears to be a commonly employed practice to offer incentives in order to expedite certain processes. Maybe it's national security. Maybe optics. But let's unpack the reality. Plantation workers don't hang out in shopping malls or moonlight as gig workers in the city. They live and work in situ, within built-in plantation communities complete with housing and other facilities. These are self-contained bubbles, not part of the urban spillover. The risks and concerns often associated with urban migrant populations simply don't apply here. Contrary to public fear, migrant plantation workers aren't climbing the corporate ladder. Supervisory and management roles? They're also not being replaced either. Instead, they fill manual, labour-intensive roles – the ones most locals have long abandoned. And who can blame them? Harvesting palms isn't just 3D (dirty, dangerous, difficult) – it's also sunburn-inducing and back-breaking. But without migrant workers, the bunches simply don't get harvested and the plantations and economy take the big hit. This is not a crisis of resources to source from, but one of political will and strategic clarity. What's missing is decisive will to fully grasp the magnitude of current losses, and the potential erosion of investor confidence in a sector that is vital to the national economy. Equally pressing is the need for a clear, sector-specific framework to legally recruit, accommodate, and retain workers in a sustainable manner. Instead, we recycle the same old slogans every time labour shortages hit the headlines. Like clockwork: 'Get locals in' and 'Mechanise'. Catchy, sure. But about as useful as handing a drone to a harvester and telling him to 'just fly it up'. On paper, localising the workforce sounds progressive. In reality, it's optimistic. Proposals are made with good intentions, but rarely with boots-on-ground understanding. Consider the end-2027 goal set by a prominent Malaysian planter to achieve 100% local-labour participation. It's a commendable aspiration, though, it applies only to non-harvesting roles (about 50% of the workforce) and comes with a proposed minimum wage of RM3,000. While well-intentioned, it's a tough model to implement. Similarly, the ambition to improve the labour-to-land ratio to 1:17.5 suggests a drive for greater efficiency. However, field realities often reflect 1:8, occasionally 1:12 in flatter areas. Reaching a 1:17.5 ratio may remain an aspirational benchmark – especially for those familiar with the complexities and constraints faced daily in the field. Mechanisation: Hype or Hope? Let's give credit where its due – mechanisation has helped in crop evacuation, fertilising and spraying. But harvesting remains the Achilles' heel. Plenty of gadgets and harvesting machines have been trialled. Most end up as expensive conversation pieces. Steep slopes, wet soil, unpredictable rain and 10m-tall or more palms don't exactly scream 'automation-ready' and the ripe bunches are still cut one bunch at a time. Whoever cracks harvesting at scale economically should skip the plantation awards dinner and head straight to Oslo for the Nobel Prize. Until then, we remain reliant on traditional tools – sickles and harvesting poles. While there have been notable improvements, such as lighter carbon fibre poles and sharper blades that require less maintenance, the core challenge persists: there are simply too few workers available to use them. This is where policy often fumbles the ball. You can't use a factory-style labour template for oil palm. This sector is season-sensitive, terrain-dependent and operationally unique. Trying to apply a generic national labour policy is like trying to harvest a bunch with a selfie stick – it looks modern, but achieves nothing. The sector has long called for a dedicated one-stop centre to manage legal, transparent plantation labour recruitment. Yet the idea continues to echo into a void, unheard or unprioritised. A need for national attention Let's not forget what's at stake. The oil palm industry contributes over RM100bil annually, pays RM11bil in taxes, supports four million livelihoods, includes 450,000 smallholders and powers countless downstream industries. It's the most sustainable and productive vegetable oil producer by far. This isn't just an industry. It's a strategic pillar of national prosperity and our efficient land use and it deserves impactful strategic solutions. Look across the straits, the writing is on the wall. Our neighbour has what I now call the three-six-eight competitive advantage: three times our planted area (they need their own workers), six times the land (room to grow) and eight times the population (built-in demand). And while they grow and consume, we have to export 90% of what we produce. We're not just in different leagues, we're now playing different sports. We don't need another roundtable. We need more meaningful discussions with industry and an empowered, cross-ministerial task force, backed by political will and measured by clear performance indicators. Not just feel-good talk, but tangible outcomes. This isn't just a wake-up call, it's Code Red. The truth is simple. The ripe bunches are hanging. The trees are producing, and can produce more. But without harvesters and other essential plantation workers, nothing of consequence moves. By the way, the next time someone says, 'Just get locals' or 'Just mechanise and automate', kindly hand them a harvesting pole with a sickle, point to a 10m tall palm on a steep slope, and say: 'Be my guest.' Joseph Tek Choon Yee has over 30 years experience in the plantation industry, with a strong background in oil palm research and development, C-suite leadership and industry advocacy. The views expressed here are the writer's own.
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First Post
5 days ago
- Business
- First Post
Beef prices in the US are sizzling this summer: When will they cool down?
Beef prices in the US have hit record highs with ground beef averaging $6.12 (Rs 530 approx) per pound (less than half a kilo). Steak prices are up eight per cent since last year. Experts cite a shrinking cattle herd, drought, disease threats and potential tariffs as key reasons. Relief isn't expected soon — and consumers may feel the pinch well beyond summer read more Anyone lighting up their grill this summer in the United States is likely aware that burgers and steaks are costlier than ever, and recent data confirms that beef prices have surged to historic highs. Experts caution that any significant drop in prices isn't expected in the near term. As per US government statistics, the average cost of a pound of ground beef reached $6.12 in June — an increase of nearly 12 per cent over the past year. STORY CONTINUES BELOW THIS AD Likewise, the average cost for all uncooked beef steaks climbed 8 per cent to $11.49 per pound. However, the increase in beef prices isn't a new development. Prices have been on an upward trajectory for two decades due to limited cattle supply and steady demand for beef. In fact, the nation's cattle inventory has been shrinking steadily over the years. A price for beef is displayed at a grocery store in Mount Prospect, Illinois, July 17, 2025. File Image/AP On January 1, the US had 86.7 million cattle and calves — 8 per cent lower than the 2019 peak — marking the smallest herd since 1951, according to the US Department of Agriculture. Multiple factors have driven this decline, including prolonged drought and fluctuating cattle prices. More recently, the appearance of a harmful parasite in Mexico and the looming threat of tariffs could reduce supply further and push prices even higher. Here's what's behind the ongoing rise in beef prices: Shrinking cattle population Ranchers have become more efficient at producing beef from fewer animals by breeding larger cattle, explained David Anderson, a livestock economist at Texas A&M, to AP. But in 2020, a prolonged drought began that dried up grazing land and drove up cattle feed costs, as reported by the American Farm Bureau. Drought conditions have continued across the western US, and higher feed expenses have strained already narrow profit margins for cattle producers. In response, many farmers increased the number of female cattle sent to slaughter, which provided short-term supply boosts but reduced the potential for herd growth. With fewer cattle available, beef prices rose. STORY CONTINUES BELOW THIS AD In recent years, cattle prices have climbed sharply, with individual animals now selling for thousands of dollars. Recent figures indicate prices of over $230 per hundredweight (100 pounds). These soaring prices have incentivised ranchers to cash in immediately rather than retain cows for breeding, Anderson said. 'For them, the balance is, 'Do I sell that animal now and take this record high check?' Or 'do I keep her to realise her returns over her productive life when she's having calves?'' Anderson said. 'And so it's this balancing act and so far the side that's been winning is to sell her and get the check.' Emerging threat from disease The spread of a flesh-eating parasite among cattle in Mexico has added to the supply constraints, especially since US officials halted cattle imports from Mexico last year. Mexico previously accounted for about 4 per cent of the cattle the US finishes for beef production. The parasite, known as the New World screwworm fly, lays its eggs in wounds on warm-blooded animals. The fly's larvae feed on living tissue — unlike most flies that consume dead matter — raising concerns among US officials about potential outbreaks in Texas, which could mirror the severe economic impact the pest caused before being eradicated in the US decades ago. STORY CONTINUES BELOW THIS AD Bernt Nelson, an agricultural economist with the Farm Bureau, said the import ban has further squeezed supply, adding upward pressure on prices. Potential tariff effects Tariffs enacted by US President Donald Trump haven't yet had a dramatic effect on beef prices, but they could add strain in the future. The US imports over 4 million pounds of beef annually. Most imports consist of lean beef trimmings used by meatpackers to blend with fattier domestic beef to produce the preferred ground beef varieties for US consumers. While lean beef from Australia and New Zealand faces a relatively low 10 per cent tariff, imports from Brazil — another major supplier — could be hit with tariffs of up to 50 per cent, as Trump has proposed. If such tariffs persist, processors will be forced to pay more for imported lean beef — a product that US producers are not well-equipped to substitute because domestic beef production focuses largely on marbled, fattier cuts. Beef demand remains strong Even as prices soar, demand for beef in the US continues to be strong during peak grilling season. Kansas State agricultural economist Glynn Tonsor said this sustained demand is contributing to elevated prices. Though high costs could eventually shift consumer habits — prompting more hamburger purchases over steak — that shift hasn't happened on a large scale yet. A price for beef is displayed at a grocery store in Mount Prospect, Illinois, July 17, 2025. File Image/AP There also hasn't been a significant move toward alternatives like pork or chicken. STORY CONTINUES BELOW THIS AD Nelson noted that recent improvements in pasture conditions due to easing drought, as well as declining grain prices caused by reduced export demand for corn, may encourage ranchers to retain more cows for breeding. These high cattle prices could also incentivise herd expansion. Still, even if ranchers decide to grow their herds, the process takes time. It would require a minimum of two years to breed and raise more cattle, and any uptick in herd numbers wouldn't be evident until later this fall, which is when many ranchers make breeding decisions. 'We've still got a lot of barriers in the way to grow this herd,' Nelson said. He pointed out that a new farmer looking to buy 25 bred heifers would need more than $100,000 at auction — a tall order with today's high borrowing costs. Typically, beef prices dip seasonally as grilling activity wanes in the fall. But given current dynamics, any such price drop is expected to be slight. STORY CONTINUES BELOW THIS AD Also Watch: With inputs from AP
Business Recorder
7 days ago
- Business
- Business Recorder
Soybeans edge lower as plentiful supply stifles gains
CANBERRA: Chicago soybean futures fell on Thursday as expectations of ample supply reasserted themselves after hopes for increased demand for US exports helped drive prices up nearly 2% in the previous session. Corn futures edged higher, supported by short-covering and technical buying, and wheat held its ground despite pressure from ongoing harvests in the Northern Hemisphere. All three markets — corn, wheat, and soybeans — are well supplied, holding prices near multi-month or multi-year lows. Brazilian farmers will likely favour soybeans over corn when they plant later this year because of the price differential between the two crops and the higher fertiliser cost of growing corn, said Vitor Pistoia, a Rabobank analyst in Sydney. Coming on the heels of large harvests this year in Brazil and the United States, that should dispel any thought of tighter supply, he said, adding: 'There is no upside for soybeans.' However, increased crushing of soybeans in the US for oil to make biofuel would also limit any downside for prices, he added. The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.3% at $10.17 a bushel by 0338 GMT. Adjusted for inflation, month-to-date price averages for CBOT soybeans and corn are at their lowest July levels since 2006, underscoring the difficulties of US farmers who face competition from rising production in Brazil. Wednesday's soybean rally was aided by a US Department of Agriculture (USDA) notification that exporters had sold 120,000 metric tons of US soybeans to undisclosed destinations. This triggered speculation that the purchases were made by China, whose soy imports from the U.S have been slow this year. Meanwhile, US President Donald Trump said Indonesia, a top-five US soybean importer, had committed to purchasing $4.5 billion in American agricultural products in a trade deal. In other crops, CBOT corn was up 0.1% at $4.24-1/2 a bushel after rising from a contract low of $4.07-1/2 on Monday. Wheat was unchanged at $5.41-1/4 a bushel.
Time of India
14-07-2025
- Health
- Time of India
What Is the New World Screwworm Fly and why the US has issued a livestock ban at the Mexico border
The United States has taken emergency action to suspend livestock imports from northern Mexico after detecting the alarming spread of the New World Screwworm fly, a parasitic insect that poses a deadly threat to livestock health and the American cattle industry. This insect, which lays eggs in the open wounds of warm-blooded animals, has larvae that consume living flesh, unlike common fly maggots that feed on decaying matter. With a newly detected infestation found just 370 miles from the Texas border, US officials fear a repeat of the devastating outbreaks of the mid-20th century that cost farmers millions in livestock losses. The US Department of Agriculture (USDA) is responding swiftly with containment strategies, including a revival of the sterile fly release program, new infrastructure, and tighter border controls. What is the New World Screwworm Fly The New World Screwworm is the larval stage of a metallic blue blow fly found in the Western Hemisphere. But unlike other blow flies, whose maggots feed on decaying organic matter, these parasitic maggots feed on living tissue. According to Dr. Phillip Kaufman, entomology professor at Texas A&M University, this distinction makes the New World Screwworm particularly dangerous to livestock health. The larvae aggressively burrow into the open wounds of warm-blooded animals, including cows, horses, wildlife, and occasionally humans. What makes the New World Screwworm Fly so dangerous The New World Screwworm fly (Cochliomyia hominivorax) is not your average parasite. Female flies lay eggs inside wounds of animals such as cattle, deer, and even humans. But unlike typical fly larvae, screwworm maggots feed on living tissue, burrowing deeper into the flesh and causing large, infected wounds. If left untreated, infested animals suffer from pain, severe tissue damage, and potentially death. The parasite spreads quickly and can cause outbreaks among herds, making it particularly dangerous for ranchers and livestock producers. Additionally, wild animals can act as hosts, allowing the parasite to spread undetected. USDA imposes emergency livestock ban to block Screwworm entry To prevent the pest from entering the US, USDA Secretary Brooke Rollins announced a temporary halt to livestock imports from northern Mexico, effective immediately. Rollins emphasized that the USDA's early monitoring systems allowed for "quick and decisive action" to be taken. The move aims to create a barrier that halts the parasite's advance into the US, particularly into Texas, a state with a large cattle population. Screwworm spread in the US in 1970s The screwworm was once widespread in the US, causing enormous damage until it was eradicated in the 1970s. The breakthrough came through the sterile insect technique, where millions of lab-bred, sterile male flies were released into the wild. When these males mated with wild females, no offspring were produced, reducing the population over time. This method worked so effectively that the parasite was completely eliminated from the US and pushed back to Panama, where it was contained for decades—until now. How sterile flies might help to stop the Screwworm outbreak The New World screwworm first emerged as a serious threat in the US in 1933, causing devastating losses to cattle producers, particularly in the Southeast, where damages reached between $50 to $100 million by the early 1960s. In response, the US government introduced the Sterile Insect Technique (SIT) in the 1950s—a groundbreaking method that involved sterilizing male screwworm flies using radiation. According to USA Today reports, these sterile males were released in large numbers into the wild, where they mated with wild females, resulting in infertile eggs. Since female screwworm flies mate only once, this dramatically reduced the population. The technique was a major success, and by 1966, the screwworm was declared eradicated from the US, at a cost of $32 million—ultimately protecting an $80 billion cattle industry. However, with the parasite's resurgence in Mexico, the USDA has launched a renewed effort. On June 18, it announced an $8.5 million sterile fly dispersal facility in South Texas, set to begin operations by the end of the year. Additionally, the US is investing $21 million to upgrade a production facility in Metapa, Mexico, which will produce up to 100 million sterile flies weekly. The goal is to eventually release 400–500 million flies weekly to reestablish the screwworm barrier at the Panama-Colombia border. USDA's multi-million dollar action plan The US is not taking chances. The USDA announced an expanding containment infrastructure and increasing response capabilities. Key elements of the plan include: A new sterile fly breeding facility (or 'fly factory') to be built in southern Mexico by late 2025 A fly holding center in southern Texas to allow rapid deployment of sterile flies in case of an emergency Aerial release programs targeting outbreak zones using planes to distribute sterile flies across wide areas These measures are modeled on the successful campaigns of the past, and officials are optimistic they can contain the threat—if action is taken quickly enough. What happens if the Screwworm Fly crosses into the US If the parasite does breach the US border, the USDA is prepared to implement an emergency aerial release of millions of sterile flies. These would target potential breeding zones in southern Texas and other high-risk regions. Combined with aggressive surveillance and treatment protocols, this strategy is aimed at eradicating any early outbreaks before they escalate. Failure to act quickly could lead to livestock quarantines, meat shortages, and billions in economic losses making proactive containment the only viable option. New World Screwworm Fly: Related FAQs What is the New World Screwworm Fly? A parasitic insect that lays eggs in wounds; its larvae feed on the living tissue of animals. Why did the US halt livestock imports from northern Mexico? To prevent the screwworm fly from spreading into Texas and other parts of the US How does the sterile insect technique work? Sterile male flies are released to prevent successful reproduction and gradually eliminate the population. Is the infestation under control in Mexico? Mexican officials report a decline in infected animals but the parasite has spread closer to the US border. What is the USDA's long-term plan? It includes border monitoring, new fly production facilities, aerial fly releases, and emergency containment strategies. 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