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IOWA — The Environmental Protection Agency says it plans to rewrite the definition of the waters of the US, or WOTUS, rule. On Wednesday the EPA says it will repeal the Trump Administration’s ‘Navigable Waters Rule’ which replaced the Obama-era WOTUS.
Its Administrator says the EPA and Army Corps conclude the rule leads to environmental degradation with stakeholders seeing destructive impacts to critical water bodies. The Department of Justice filed a motion requesting remand of the rule without vacating. The EPA says it will rework the rule to be consistent with the Clean Water Act.
Back in April, Administrator Michael Regan told lawmakers in a hearing the agency will not go back to the Waters of the US rule verbatim. In the announcement he claims the rewrite will reflect input from landowners, agriculture, and state and local governments, along with environmental groups.
JBS cybersecurity ransom
Last week, JBS USA – one of the largest meatpackers in the world- was hacked, stopping operations. In a release this week, the company confirmed it paid those hackers $11 million in ransom.
According to JBS, most of the company facilities were operational at the time. But in consultation with its technical professionals and cybersecurity experts, the ransom was paid to mitigate any unforeseen issues and ensure no more data was compromised.
JBS spends more than $200 million per year on IT and employs more than 850 IT professionals globally. The FBI says the criminals behind the attack are some of the most specialized and sophisticated in the world.
A look at the markets
Analyst Jamey Kohake has the pre-report markets:
“Closing the week out on a very strong note with the new crop contracts, we did see the WASDE report out this morning and starting with 2021 carryout domestically corn 1.107 and last month we were 1.257 and that was pretty much in line with estimates. Over to the beans carryout of 137 we are at 120 in May, the average guess was 122 we did see some heavy liquidation off of that bearish number to me the market short term still bullish, the weather still is hot and dry scattered rain, nothing widespread, to me trending toward 6.40 for new crop corn and near 15 bucks for new crop beans. Over to the cattle market, just a choppy, two-sided trade feeders down 20-30 cents, fats are up 20-30 cents not much going on this week. We do have cash trade a little better, some as high as five bucks higher but the market not taking advantage of that narrowing the basis up aggressively over to the hogs, what we’re seeing here is an aggressive cash trade, we’re five bucks higher and look for the cutouts to remains strong and the short term trend to remain a little firmer. The market is getting overbought, would not be surprised to see weekend profit taking.”