A Rabobank analysis says the proposed Chinese tariff on U.S pork imports could cost American producers $6 to $8 per head. The Rabobank Pork Quarterly Q2 report says the China-U.S. tension exemplifies what could be a challenging year ahead for the pork industry in 2018. African swine fever in Europe could be another challenge in the global pork trade. The …
Treasury Secretary Optimistic on Settling Trade Dispute
The International Monetary Fund and the World Bank both issued warnings that trade disputes could put a healthy global economic expansion in jeopardy. An Associated Press report says U.S. Treasury Secretary Steven Mnuchin showed cautious optimism over the weekend that the U.S. and China could settle their differences without a full-blown trade war. Mnuchin met recently with finance officials from …
Mexico/European Union Reach Trade Deal
The European Commission announced over the weekend that the European Union and Mexico had reached a free trade deal. A CNN Money report says the deal virtually eliminates tariffs on “practically all goods” traded between EU members and Mexico. The EU and Mexico said last year they would upgrade their trade talks to update the agreement they signed back in …
Post-Irma Ag Relief Could Come Soon
Florida farmers awaiting federal disaster relief to help cover losses from Hurricane Irma last September may learn more details this week about the highly anticipated program. The $2.36 billion Wildfires and Hurricanes Indemnity Program is expected to offer a direct-payments model that would not hold growers to traditional payment limitations and would establish a state-managed program to handle tree losses. …
Rural Mainstreet Index Hurt by Trade Concerns
The Rural Mainstreet Index, which measures the economic outlook in rural America, was hit hard by rural bankers who expressed concerns about trade tensions and their effect on the farm economy. “An unresolved North American Free Trade Agreement and rising trade tensions with China are significant concerns,” says Ernie Goss, Creighton University economist and author of the Rural Mainstreet Index. …
Russia Approves Bayer Acquisition of Monsanto
Bayer announced another country has given its approval of the company’s purchase of Monsanto. A Dow Jones report says Russia has given conditional approval of Bayer’s $57 billion acquisition of Monsanto if the German company agrees to transfer certain technologies to Russian recipients. Under the approval terms, Bayer agreed to transfer molecular breeding assets in several crops for a period …
Soybean Farmers Can’t Replace Chinese Business
U.S. soybean exports could drop as much as 65 percent if the back-and-forth trade rhetoric battle between the two largest economies causes China to slap on retaliatory tariffs. Politico says that number comes from a soon-to-be-published report out of Purdue University. Earlier this month, China said it will put a 25 percent tariff on U.S. soybeans if President Trump follows …
Dicamba Legal Battle Continues in Arkansas
Nearly 200 farmers have obtained temporary restraining orders against the Arkansas in-season ban on dicamba use. A DTN report says judges in three counties have granted restraining orders in response to last-minutes complaints filed by farmers. The office of State Attorney General Leslie Rutledge is filing appeals of those decisions to the state Supreme Court. In the meantime, a spokeswoman …
Wildfire Aid Amendment Included in Farm Bill Proposal
Wildfires have burned major portions of Oklahoma, as well as several other areas in the High Plains, over the past week. In an attempt to give better aid to people in those areas, a Drover’s report says Kansas Republican Representative Roger Marshall proposed an amendment that was included in the House Farm Bill, which passed out of the Ag Committee …
Peterson: Pelosi Didn’t Direct Farm Bill, but Ryan May Have
Republicans in the House have accused Minority Leader Nancy Pelosi of pushing Democrats on the House Agricultural Committee to oppose the House version of the farm bill. The biggest objection is over proposed changes to the nutrition title. However, ranking member Collin Peterson of Minnesota told the Hagstrom Report that he hadn’t discussed the farm bill with her until last …