U.S. farmers will harvest their smallest corn and soybean crops since 2013, but the trade war will constrain exports of America’s two major crops for the second year in a row, forecast the USDA on Monday. Soybeans would sell at the lowest average price at the farm gate in 13 years.
Unlike earlier incidents, Asian customers for wheat grown in the U.S. Northwest did not bat an eye at the USDA announcement that GMO wheat was found growing in the wild in Washignton state. "At this point there is no trade disruption and we do not expect any," said U.S. Wheat Associates, the export promotion arm of the wheat industry, on Monday.
The trade war with China and low commodity prices will combine to slash U.S. farm exports by 4.5 percent this fiscal year, said the USDA on Thursday in a quarterly forecast. Exports of $137 billion would be the smallest since 2016, when exports bottomed out following the collapse of the commodity boom.
Canadian farmers plan to slash canola plantings by 7 percent this year because of a trade clash with China and to greatly expand their sowings of spring wheat, said Statistics Canada on Wednesday.
Wheat growers declared victory—”a big win”—with Brazil’s agreement on Tuesday to allow duty-free import of wheat grown outside of a South American trading bloc. The so-called tariff-rate quota could result in exports worth more than $100 million a year if U.S. wheat dominates the new market …
For decades, the United States was the super power of the grain world, holding one-third of the international trade in wheat and shipping roughly seven of every 10 bushels sold on the world market. The world market is growing in size, but USDA analysts say the United States is falling off the pace.
Drought in Australia, Europe and Russia, three of the great wheat growers of the world, will result in the first decline in global wheat production in six years, said the International Grains Council. The London-based IGC says the large downturn in wheat will add momentum to a drop-off in grain …
From the EU to the Urals, drought is hurting wheat and barley crops, said the International Grains Council, forecasting the smallest world grain crop in three years and the smallest “carry-over” supplies in four years.
Canadian regulators are puzzled by the discovery of seven genetically modified wheat stalks in southern Alberta that contain herbicide-tolerant genes, said the Manitoba Cooperator, but they say there's no sign of GMO wheat in the country's seed or wheat supplies. No country has approved GMO wheat for commercial use. Japan suspended purchases of Canadian wheat on Friday until it is certain there are no GMOs in the grain, reported Global News.
It is clear that India violates WTO limits on trade-distorting farm subsidies, said the Trump administration on Wednesday in announcing a “counter-notification” that could be the first step to a formal challenge of India’s wheat and rice subsidies.