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Morning round-up, Tuesday August 06

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* Brazilian meat producer, Marfrig announced on Tuesday that it would be joining forces with US-based grain trader Archer Daniels Midland Co (ADM) to produce and market “a 100% vegetable burger with a meat-like flavour and texture”.

 

According to the company, ADM will be responsible for supplying the raw materials needed for the burgers while Marfrig would take care of the production, distribution and sales.

 

 

 

* China’s Commerce Ministry announced that Chinese companies have stopped buying US farm products.

 

The ministry made the announcement on Tuesday, adding that China was also considering imposing additional trade tariffs on these products.

 

The news comes as the year-long trade war between the world’s two biggest economies continues to intensify.

 

Last week US President Donald Trump threatened China with an additional 10% import tariff on around $300bn worth of goods should it not commit to a trade deal soon.

 

 


* Brazil still has to decide on whether or not it will renew a tariff-free quota on ethanol imports.

 

The South American nation currently allows for 600m litres of ethanol to be imported a year without tariffs, mostly from the US.

 

This provision is set to come to an end by the end of the month and, if not renewed, could subject future imports to a 20% tax.

 

 


* US meat giant, Tyson Foods, on Monday disclosed that it had received a grand jury subpoena from the US Department of Justice to supply “documents and information” related to the poultry industry.

 

Tyson said that it was cooperating the department and would honour its request.

 

Tyson and other major chicken producers, including Pilgrim’s Pride Corp., Sanderson Farms Inc. and Perdue Farms Inc, are currently being investigated for allegedly coordinating chicken breeding to keep supplies artificially low and push prices higher.

 

 


* Nigeria’s largest cocoa-processing company is back in business after closing down four years ago.

 

Multi-trex Integrated Foods’ chief executive, Dimeji Owofemi, made the announcement on Monday, adding that, thanks to funding from the Nigerian Export-Import Bank, the company was currently conducting “a refurbishment audit to see what needs to be done and requires to be bought”.

 

Dow Jones reported that Multi-trex Integrated Foods closed down in 2015 after the company ran into financial problems brought on by its growing debts.

 

 

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