U.S. tariffs on auto imports likely would prompt retaliation from some of American agriculture’s biggest trading partners, leading to catastrophic financial harm to farmers, warned the National Pork Producers Council in comments submitted to the Senate Committee on Finance. In its ongoing efforts to realign U.S. trade policy, the Trump administration is considering putting duties on autos and auto parts …
China Passing on U.S. Soybeans, Purchasing from Brazil
China soybean processors are purchasing record volumes of Brazilian soybeans and cutting purchases of U.S. soybeans. U.S. soybeans face steep tariffs in China thanks to the ongoing tit-for-tat trade war between the U.S. and China. A Singapore-based trader told Reuters that China is “willing to pay higher prices for Brazilian beans than what domestic crushers are paying.” Brazil’s typical soybean …
Updated KORUS Protects Current Market Share
The new KORUS agreement offers a sigh of relief for U.S. beef and pork. The U.S. Meat Export Federation says the market access terms secured in the original KORUS not only helped increase U.S. red meat’s market share in South Korea, but also bolstered consumption by making U.S. beef and pork products more affordable and accessible to Korean consumers. Those …
NCBA: KORUS “Tore Down” Trade Barriers, Helped Increase Beef Exports
National Cattlemen’s Beef Association (NCBA) President Kevin Kester released the following statement in response to the signing of the modernized Korea-United States Trade Agreement (KORUS): “KORUS is a prime example of how U.S. producers benefit from trade agreements that reduce tariffs and implement science-based standards. Less than a decade ago, U.S. beef exports to South Korea were severely limited by …
Lower Pork Prices Helping Demand
Pork production is accelerating, prices are lower, and demand is improving. New Data from the Department of Agriculture shows that lower pork prices this year have encouraged domestic and foreign consumers to buy more U.S. pork. Meat industry publication Meatingplace reports 2018 total cold stocks of pork have remained at or below three and five-year averages so far, and large …
Escalating Trade War with China Will Increase Damage to American Soybean Farmers
The Administration’s decision to impose 10 percent tariffs on an additional $200 billion in Chinese imports—and China’s subsequent retaliation on $60 billion of U.S. products—deepens and prolongs the trade war between the two countries, posing even more adverse consequences for American soybean farmers. Davie Stephens, a soybean grower from Clinton, Kentucky, and American Soybean Association (ASA) vice president stated, “If …
U.S. Close to Proceeding With Mexico-Only Trade Deal
White House Economic Trade Adviser Kevin Hassett says the U.S. is getting very close to having to move forward on its trade deal with Mexico without Canada. The deadline to publish the text of an agreement to update the North American Free Trade Agreement is October first. As the deadline approaches, Hassett says the U.S. and Canada haven’t agreed to …
U.S. Supplying More Than Half of the E.U. Soybeans
The European Commission released a report that says American farmers are now supplying more than half of the European Union’s soybeans. Over a 12-week period from July through mid-September, U.S. soy exports to the EU were 133 percent higher than the same time period in 2017. Politico says the U.S. supplied 25 percent of the EU’s soybeans needs from July …
Rabobank: Global Poultry Prices Under Pressure
A Rabobank report says a historic drop in poultry exports from Brazil is shaking up trade in the commodity around the world. The latest quarterly outlook on the industry says African Swine Fever could also indirectly affect the industry. Global poultry prices dropped by an average of five to 10 percent in the second quarter of this year. African Swine …
U.S. Cotton Exports and Demand Still Good
While the trade war with China continues, some wonder how it is affecting U.S. cotton exports to that country. Dr. Jody Campiche, Vice President of Economics and Policy Analysis for the National Cotton Council (NCC), looks at exports for U.S. cotton and notes what impacts the tariffs have had on demand. U.S. Cotton Exports and Demand Still Good Sponsored ContentWhat …