U.S. farm exports are forecast by the USDA to hit a record $157 billion this year, aided by a weaker dollar against many foreign currencies. Agricultural lender CoBank says the impact will be somewhat uneven, with meat and dairy products benefiting the most.
Responding to strong exports and expectations of a U.S. economic recovery, farmers will plant 92 million acres of corn and 90 million acres of soybeans this spring, pointing to a record soybean crop and possibly the largest corn harvest ever, said the USDA on Thursday. Chief economist Seth Meyer also said farm exports would be a record $157 billion this year, including the largest-ever exports to China of $31.5 billion.
The world's most populous country is already its largest meat-importing nation and "looks like it's poised to play a major role in meat markets in the future," said USDA senior economist Fred Gale on Thursday. China's imports of beef, pork, and poultry are projected by the USDA to grow 29 percent in the coming decade.
With a Trump administration objection out of the way, the WTO members selected Ngozi Okonjo-Iweala, a Nigerian, as its director general effective March 1. She will take office at a time of challenge for the organization; the world has lost confidence in mulilateral trade agreements as a path to …
The Trump administration’s “phase one” trade agreement with China alienated U.S. allies while failing to deliver on its promises of mammoth purchases by Beijing, wrote trade policy expert Chad Bown on Monday in calling for a new approach. “Only a group of countries working together and sharing …
China, the world's largest importer of soybeans and cotton, is developing an appetite for corn as well as it expands livestock production. Exporters reported sales totaling 3.74 million tonnes of U.S. corn to China in three days this week.
Private exporters reported the largest sale of U.S.-grown corn to Chinese buyers in nearly six months, with 1.36 million tonnes for delivery this marketing year, said the USDA on Tuesday. It was only the fifth time since 1994 that corn sales to China exceeded 1 million tonnes in a single day.
China failed to meet its "phase one" target for imports of U.S. food, agriculture, and seafood products despite a surge in purchases that began late last summer, said the Peterson Institute for International Economics on Thursday.
The Uruguay Round of trade negotiations, concluded in 1994, created tariff-rate quotas for agriculture with the expectation that they would be a stepping stone to freer trade. Instead, most of those TRQs are still in place and new WTO members have added 43 more, says a report by three USDA researchers.