U.S. inflation fight darkens economic outlook, ag lender says
The Federal Reserve will continue to raise interest rates into 2023, "and the outlook for the coming year grows increasingly gloomy," said agricultural lender CoBank on Monday. The strong dollar "will pressure U.S. exports as the global economy struggles and U.S. goods remain expensive," it said, with warfare in Ukraine injecting additional volatility into world food supplies.
Farm income, at record high, to moderate through 2027 — FAPRI
War in Ukraine and record-large ag exports to China will drive U.S. net farm income to a record $148.3 billion this year, twice as high as five years ago, said the FAPRI think tank on Monday. Income would decline in 2023 and 2024 as commodity prices soften, and then hold steady through 2027.
Ag is sole bright spot in Sino-U.S. trade
So far this year, U.S. exports to China are running at 2021's level and there is little reason to expect improvement in the near term, said analyst Chad Bown of the Peterson Institute for International Economics on Monday. "While agriculture overall remains a U.S. export bright spot in 2022, products like pork, wheat, and corn face new worries," he wrote.
Biden calls for ocean shipping reforms
Despite port congestion in 2021, Ocean carriers made huge profits that are estimated to drive up consumer prices by 1 percent this year, said the White House on Monday. "The president is calling on Congress to pass robust reforms to the ocean shipping industry, including reforms that address the current antitrust immunity for ocean shipping alliances."
A salad, a glass of wine, a bit of time and U.S. will be a food importer
The American preference for fresh foods year-round, often washed down with a glass of wine—or something stronger—will drive a $100 billion increase in food and ag imports in the years ahead, according to the Agriculture Department. It would turn the United States into a net importer of food in the long term and question the proud sentiment in farm country that America feeds the world.
U.S. farm exports to set a record, but not as big as expected
China is buying less U.S. crops and livestock than expected, particularly soybeans, and America's ag exports are feeling the pinch. Sales are forecast at a highest-ever $175.5 billion this fiscal year, said the USDA on Tuesday, but just like the record set last year, the crest was not as high as it looked in the summer.
New approach needed following ‘phase one’ failure, says analyst
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 …
China sets monthly record for purchases of U.S. food and ag
Although it is likely to fall short of its “phase one” target, China purchased a record $4.8 billion of U.S. food, agricultural and seafood products during October, contributing to the surge in grain and soybean prices, analysts said on Monday. “The big question right now for …
EU targets U.S. agriculture and aircraft in airplane dispute
The European Union announced higher tariffs on $4 billion worth of U.S. products, including agricultural exports, industrial goods, and aircraft on Monday in an escalating dispute over government support of the airplane industry on both sides of the Atlantic Ocean. The Trump administration …
Perdue hopeful China will meet ‘phase one’ trade targets
China has "really stepped up" its purchases of U.S. farm exports in recent weeks, said Agriculture Secretary Sonny Perdue on Monday, and he is hopeful of the sales bonanza promised in the "phase one" agreement that de-escalated the Sino-US trade war. "They are saying... the right things about their desire to fulfill their commitment. I'm hopeful they will."
Beef slumps while pork exports surge
For the first six months of the year, exports of American beef tumbled by 15 percent, probably due to Covid-19 turmoil, while pork exports soared by 28 percent compared to 2019 levels, said the USDA on Tuesday. Large shipments to China were the primary factor in the surge in pork shipments, …
China buys more; will it be enough for ‘phase one’?
The “phase one” trade agreement with China, one of President Trump’s top trade achievements, calls for Beijing to buy huge quantities of U.S. food, agricultural and seafood exports. Sales of soybeans, cotton, pork, corn, sorghum and wheat are stronger than a year ago but an Iowa think tank …
Limited initial impact on U.S. ag exports from China deal
The “phase one” China-U.S. trade agreement, which takes effect at the end of this week, calls for China to buy $40 billion a year of U.S. food, agricultural, and seafood products this year and in 2021. Yet there will be limited immediate impact on U.S. sales overall, USDA analysts indicated …
Coronavirus will delay sales boom to China, says Kudlow
The “phase one” trade agreement that calls for China to triple its purchases of U.S. farm exports “will take longer” because of the Wuhan coronavirus, said White House economic advisor Larry Kudlow on Tuesday. The coronavirus epidemic has disrupted trade and travel. …
Grassley says he will blow the whistle if Chinese backslide on trade deal
As soon as President Trump and Chinese vice premier Liu He sign a “phase one” agreement to de-escalate the China-U.S. trade war today, Senate Finance chairman Chuck Grassley will be on watch for Chinese compliance with provisions such as large purchases of U.S. farm goods. “If they aren’t, …
A deal on USMCA, but final approval will wait until 2020
U.S. farmers and ranchers would see modest gains in food and agriculture exports under the revised North American trade agreement announced by the White House and House Democrats on Tuesday, the same day the House moved closer to impeaching President Trump. Farm groups called for speedy …
Farmers support trade war despite their financial losses
Farmers in three Midwestern states say the China-U.S. trade war is hitting them in the pocketbook but they support President Trump’s policy of piling tariffs on the one-time top customer for U.S. agriculture exports, say Iowa State University researchers. The view on the farm is “short-term …
As Trump delays tariffs, he says China wants to buy US ag exports
China intends “to buy a lot of farm product,” said President Trump on Tuesday, describing “a very, very productive call” between U.S. and Chinese trade negotiators. At the same time, the White House announced it would delay 10 percent tariffs on electronics such as cell phones, laptop …