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 ContentFlorida …
China Sets More Tariffs on U.S. Food and Ag Imports
China said Tuesday that it will hit back against President Donald Trump with retaliatory duties of five or 10 percent against another $60 billion worth of American products. The response comes one day after Trump issued the largest number of tariffs yet in an escalating trade dispute. Politico says China is scheduled to implement their plan on Monday to coincide …
Trump Administration Seeking China Trade Talks
The Trump administration proposes a new round of trade talks between the U.S. and China to stop an additional round of tariffs on Chinese exports. The Wall Street Journal reports the invitation comes as the Trump administration senses new vulnerability—and possibly more flexibility—among Chinese officials pressured by U.S. tariffs imposed earlier this year and threats for more. Treasury Secretary Steven …
China Cuts Soybean Import Forecast
China this week lowered its forecast for the 2018-2019 import season for soybeans due to the trade conflict between the U.S. and China. Farmers are reducing their use of soybeans in animal feed in China as China has placed massive tariffs on U.S. soybeans. Imports of soybeans in the crop year that starts on October first will be 83.65 million …