agricultural exports
Ag trade deficit is a record, but smaller than expected
The United States ran a record agricultural trade deficit of $16.6 billion in the fiscal year that ended on Sept. 30, said a USDA database. The deficit was smaller than the forecast of $19 billion but fiscal 2023 was the third deficit in the last five years.
Stabenow sees farm bill passage in 2024, later than hoped
The new farm bill will not enacted until next year because of continuing disagreements over issues such SNAP benefits and higher crop subsidies, said Senate Agriculture Committee chair Debbie Stabenow on Wednesday. “I am committed to passing a strong, bipartisan farm bill as soon as possible,” she said, but the process is taking longer than hoped.
Tap USDA funds to boost food aid and exports, say senators
Agriculture Secretary Tom Vilsack should tap a USDA reserve fund to expand international food aid and export promotion programs, said the leaders of the Senate Agriculture Committee in a letter released on Wednesday.
India removes tariffs on a range of U.S. farm exports
As a sign of partnership, India will remove retaliatory tariffs on U.S. apples, chickpeas, lentils, almonds, and walnuts, said U.S. trade representative Katherine Tai on Thursday, The decision was announced as part of a visit by Prime Minister Narendra Modi to Washington.
Corn and soy join wheat in U.S. export retreat
Competition from South America will crimp U.S. corn and soybean exports over the summer, according to a forecast by the Agriculture Department in its monthly WASDE report.
U.S. ratchets up corn dispute with Mexico
The Biden administration asked for USMCA consultations with Mexico over its ban on imports of GMO corn for human consumption, the last step before filing a trade complaint in the long-running dispute.
Economic challenges worldwide force retreat in farm exports, says USDA
After setting a record last year, U.S. farm exports will shrink 8 percent this year, due to tightening economic conditions worldwide and lower commodity prices, said the Agriculture Department on Wednesday. The $15.4 billion decline in sales would be most pronounced for corn, cotton, beef, and soybeans.
U.S.-Mexico corn dispute could drag on all year
If the United States takes its complaint against Mexico's ban on imports of GMO white corn to a USMCA panel, it could take 155 days — until late December or even January — for a final resolution, although a U.S. victory is likely, said three Ohio State University analysts.
Biden trade strategy: Stronger ties with like-minded countries
The Biden administration is writing “a new story on trade” that emphasizes cooperation with allies because countries such as China have abused open markets and low tariffs, U.S. trade representative Katherine Tai said in a speech on Wednesday.
U.S. dominance in ag export race is softening
The United States lost its place as the world's largest wheat exporter a decade ago, and now its leadership in exports of corn, cotton and tree nuts is being challenged, said a new USDA report. "Changes in global patterns of production and agricultural markets affected U.S. export competitiveness during the last two decades," said the Economic Research Service.
More farmers expect slowdown in ag exports
Operators of large farms are losing faith in exports as an ever-growing market for U.S. crops and livestock, said a Purdue poll released on Tuesday. Only one-third of farmers surveyed for the monthly Ag Economy Barometer said they expected agricultural exports to increase over the next five years, down from 72 percent in 2020.
U.S. farm exports to shrink by 12 percent over three years, says USDA
A global economic slowdown will combine with inflation, higher interest rates, and the strong dollar to erode U.S. food and agriculture exports by 12 percent through fiscal 2026, projected the USDA on Wednesday.
Ag trade and food aid are focus of first D.C. hearing on 2023 farm bill
Foreign trade and U.S. food aid will be the subjects on Wednesday of "the first of many hearings the committee has planned as we gear up for the 2023 farm bill," said the leaders of the Senate Agriculture Committee.
Farm Bureau chief urges U.S. to resolve GMO corn dispute with Mexico
On the day before President Biden was to meet Mexican President Andres Manuel Lopez Obrador, the head of the largest U.S. farm group called for prompt resolution of a threat by Mexico to block imports of U.S. corn in one year's time.
U.S. and Mexico aim for resolution of GMO corn dispute in January
n discussions to avert a potential shutoff of U.S. corn exports to Mexico, a senior-level Mexican delegation told U.S. officials that they wanted to ensure self-sufficiency in corn for tortillas. U.S. officials said Mexico "presented some potential amendments" to its presidential decree against imports of genetically modified corn beginning in January 2024.
Paid sick leave an issue as rail shutdown bill advances to Senate
President Biden urged the Senate to vote by the end of the week to avert a nationwide rail freight shutdown that would wound the U.S. economy. On a bipartisan roll call, the House passed legislation on Wednesday to impose a contract on railroad labor unions. The so-called tentative agreement was reached in negotiations aided by the administration.
USDA: As the world economy slows, so will U.S. farm exports
U.S. farm exports will fall back to $190 billion this fiscal year, a drop of 4 percent from the record set in just-ended fiscal 2022, as economic growth slows in most countries, forecast the Agriculture Department on Tuesday. Soybeans, the No. 1 ag export, as well as cotton and corn would see the largest declines, jointly falling by 7 percent.
U.S. cotton production edges upward, market price falls
The drought-hit U.S. cotton crop is slightly larger than previously thought, at 14 million bales, but exports are stagnant for this marketing year, said the USDA on Thursday. The monthly WASDE report said cotton production was down worldwide.
Exports boom as bumper corn crop pulls down farm-gate prices
U.S. corn exports are climbing for the third year in a row and will be the fourth largest on record this trade year, thanks to the mammoth crop now being harvested and falling market prices, said the Agriculture Department on Thursday. The 15.2 billion-bushel crop would be just a hair smaller than the record set last year.