Warnock Defeats Walker in Georgia’s Senate Runoff

China continues to pivot on zero-Covid constraints

An abbreviated report today as I am headed for Champaign, Illinois, to speak at Strategic Farm Marketing’s meeting, and then to Austin, Texas, for the annual USA Rice Federation confab.

As expected, Democratic incumbent Sen. Raphael Warnock beat GOP challenger Hershel Walker in Georgia’s Senate runoff race. It gives the Democrats majority numbers on all Senate panels, which will accelerate approval of judicial nominations. The Senate ratio for the next Congress is now 51 Democrats to 49 Republicans.

Beijing on Wednesday released sweeping revisions to its draconian measures that ultimately failed to bring success to China’s zero-Covid policy. The new guidelines keep some restrictions in place but largely scrap the health QR code that has been mandatory for entering most public places and roll back mass testing. They also allow some Covid-19 cases and close contacts to skip centralized quarantine. The 10 new measures include accelerating vaccination among the elderly and forbidding local officials to designate large areas, like entire housing compounds, as high-risk. Health experts now say China is underprepared for the surge in cases it could now see. China has fallen short on preparations like bolstering the elderly vaccination rate, increasing surge and intensive care capacity in hospitals, and stockpiling antiviral medications.

China's trade surplus declined to $69.84 billion in November 202 from $71.7 billion in the same month the prior year, far below market forecasts of a surplus of $78.1 billion. This was the smallest trade surplus since April, due to weakening global and domestic demand. Exports slumped 8.7% year over year, the second straight month of decline, amid weakening overseas demand due to high inflation and supply disruptions; while imports fell at a faster 10.6%, the second straight month of decrease as domestic demand weakened amid widespread Covid curbs.

Pork checkoff rate adjustment effective Jan. 1. Effective Jan. 1, 2023, the Pork Checkoff rate will reduce by 5 cents to $0.35 per $100 of value. This change is a result of a resolution passed by voting delegates at the 2022 Pork Industry Forum. Pork Checkoff payments are collected for all pigs sold with a change of ownership. This includes sales of weaned pigs, breeding age animals and at the final market destination. The Pork Checkoff is mandated by the Pork Promotion, Research, Consumer Information Act. Payments received by the National Pork Board (NPB) for pigs sold on or after the first of the year will reflect the reduced rate. The rate change was a recommendation of the Pork Industry Vision Task Force — a group of 19 leaders from NPB, NPPC and various state associations — to ensure the pork industry’s long-term success. 

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