Ana Swanson reported on Tuesday at The New York Times Online that, "Until Tuesday, the North American Free Trade Agreement looked like it might be headed for a quick demise. Now, it could be headed for a slow, painful one. The United States, Canada and Mexico said on Tuesday that they would extend Nafta negotiations into next year, with the parties citing 'significant conceptual gaps' in how to rewrite the 1994 trade pact."
On Thursday, the U.S. Department of Agriculture's Foreign Agricultural Service (FAS) released its biannual "Livestock and Poultry: World Markets and Trade" report, which is published in April and October, and is "designed to give a snapshot of the current situation among the major players in world beef, pork, and broiler meat trade." Today's update provides a recap of some of the highlights from the FAS report, which was titled, "China’s Meat and Poultry Import Forecast 2018: Decline and Constrained Growth."
William Mauldin reported on Wednesday at The Wall Street Journal Online that, "President Donald Trump, speaking alongside Canadian Prime Minister Justin Trudeau, opened the door to separate trade deals with Canada and Mexico to replace the North American Free Trade Agreement and repeated his warnings that the U.S. could withdraw from the pact."
Last week, the U.S. Department of Agriculture updated its monthly agricultural trade data. Today's update includes an overview of some observations from the data with a focus on corn, soybeans, wheat and livestock.
On Thursday, the Senate Finance Committee held a hearing to consider three nominees for key trade positions, while the Senate Ag Committee questioned two nominees for Undersecretary posts at the USDA. Today's update highlights some key points from the hearings, including issues related to agricultural trade and the Conservation Reserve Program.
Earlier this week, the Federal Reserve Bank of Dallas released its Agricultural Credit Survey for the third quarter of 2017. The Fed update indicated that, "Demand for agricultural loans overall decreased for the eighth consecutive quarter. Loan renewals and extensions continued to increase."
The Bureau of Economic Analysis (BEA) indicated in a news release last week that, "State personal income grew 0.7 percent on average in the second quarter of 2017, after increasing 1.4 percent in the first quarter, according to estimates released [Tuesday] by [BEA]." However, the release added that, "Farm earnings declined for the nation and in every state in the second quarter and was the leading contributor to slow earnings growth in many states."
Iowa State University (ISU) Extension Economist Alejandro Plastina penned a recent article titled, "Financial Stress in Iowa Farms: 2014-2016." Today’s update recaps some of the key findings from the ISU article.
On Thursday, the Senate Agriculture Committee held its ninth Farm Bill hearing where the panel turned its attention to rural development and energy programs. Recall that a House Agriculture Subcommittee explored similar issues back in March. Today's update provides a brief overview of yesterday's hearing with particular focus on rural broadband Internet access and the opioid epidemic, two issues that were raised by lawmakers.
Reuters writer Rod Nickel reported yesterday that, "On Canada’s fertile Prairies, dominated by the yellows and golds of canola and wheat, summers are too short to grow corn on a major scale. But Monsanto Co is working to develop what it hopes will be North America’s fastest-maturing corn, allowing farmers to grow more in Western Canada and other inhospitable climates, such as Ukraine...The question, amid historically high supplies and low grain prices, is whether the world really needs more corn."