In its monthly Livestock, Dairy, and Poultry Outlook report last week, USDA’s Economic Research Service (ERS) stated that, “Pork exports in July were 508 million pounds, 8.5 percent lower than those of a year ago.”
Keith Good
Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
Ida Slows Soybean Export Pace, as China Looks to Brazil for Soy
Earlier this week, the USDA’s Economic Research Service noted in its monthly Oil Crops Outlook report that, “Hurricane Ida’s emergence in the Gulf of Mexico slowed the pace of exports near the end of August which is expected to continue into early September.”
FAPRI: Higher Commodity Prices Contribute to a Sharp Increase in 2021 U.S. Net Farm Income
Earlier this week, the, the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. farm income and government costs.
Export Inspections of U.S. Grain Remain Low Post-Ida, as Cargill Restarted its Westwego Terminal on Monday
Reuters writer Karl Plume reported this week that, “U.S. grain exports slumped to their lowest level in years last week as shippers struggled to restart loading operations along the Louisiana Gulf Coast after Hurricane Ida flooded and damaged grain terminals and knocked out power across the region, preliminary data showed on Monday.”
FAPRI Baseline Update- Focus on Corn, Soybeans- September 2021
Earlier this month, the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. agricultural markets.
China Corn Production at Record Level, as U.S. Expecting Second Largest Corn Harvest Ever
In its monthly World Agricultural Production report on Friday, USDA’s Foreign Agricultural Service (FAS) indicated that, “USDA estimates China marketing year (MY) 2021/22 corn production at a record 273.0 million metric tons (mmt), up 5.0 mmt or 2 percent from last month, up 5 percent from last year, and 5 percent above the 5-year average of 260.3 mmt.”
Federal Reserve: Observations on the Ag Economy- August 2021
On Wednesday, the Federal Reserve Board released its August 2021 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District.
USDA Attache Update from Beijing Highlights Soy Variables, as Ida Related Export Delays Persist
Last week, a report from the USDA’s Foreign Agricultural Service (FAS) post in Beijing (“China: Oilseeds and Products Update“) stated that, “Soybean imports are forecast at 101 million metric tons (MMT) in marketing year (MY) 21/22, up 3 MMT from the previous year.”
2021 Farm Sector Income Forecast, September
The USDA’s Economic Research Service (ERS) indicated on Thursday that, “Net farm income, a broad measure of profits, is forecast to increase by $18.5 billion (19.5 percent) from 2020 to $113.0 billion in 2021.”
Uncoupled Variables Scramble Agricultural Export Flows
Recent news articles have highlighted independent developments that are impacting agricultural export markets.
Ida Aftermath Stymies Grain Exports as Trade Routes Altered, China Eyes Brazil Soy
Reuters writers Karl Plume and PJ Huffstutter reported this week that, “Grain shippers on the U.S. Gulf Coast reported more damage from Hurricane Ida to their terminals on Wednesday as Cargill Inc confirmed damage to a second facility, while power outages across southern Louisiana kept all others shuttered.”
China’s Import Demand for Corn in Focus, as Brazil’s First Corn Planting Underway
Alfred Cang reported this week at Bloomberg that, “China’s record corn-buying spree — a cornerstone of its trade deal with the U.S. — may be running out of steam, with risks growing that imports by the top buyer will fall short of U.S. official estimates.”
Hurricane Ida Brings Flooding, and Damage to a Grain Terminal -Export Flows a Concern
DTN Meteorologist John Baranick reported earlier this week that, “Hurricane Ida made landfall near Port Fourchon, Louisiana at 11:55 a.m. on Aug. 29, 2021 as a strong Category 4 hurricane with maximum sustained wind speeds at landfall of 150 mph.”
USDA Attache Update from Beijing Highlights Hog and Pork Variables
A report on Thursday from the USDA’s Foreign Agricultural Service (FAS) post in Beijing (“Livestock and Products Annual”) stated that, “In 2022, hog production will decline by 5 percent due to low inventories and a smaller sow herd, which resulted from significant slaughter and delayed restocking in 2021.”
USDA Forecasts Record Farm Exports in FY 2021 and FY 2022
On Thursday, the USDA released its Outlook for U.S. Agricultural Trade, a quarterly report from the Department’s Foreign Agricultural Service (FAS) and Economic Research Service (ERS). Today’s update includes highlights from the report, which was coordinated by Bart Kenner, Hui Jiang, and Dylan Russell.
Canada’s Crop Production Marred by Drought, Brazil’s Next Crop Outlook Improves, as Transportation Costs Rise
Bloomberg writer Marcy Nicholson reported this week that, “Canada, the world’s biggest canola grower and a major wheat producer, forecasts a 26% drop in supplies of its main crops as drought ravages output and inventories shrink.”
Inflationary Pressures and Drought Jolt Farmers, While Unpredictable Grocery Supply Issues Persist
Earlier this week, Bloomberg writers Kim Chipman and Michael Hirtzer reported that, “Minnesota farmer Jason Knopik didn’t sell corn earlier this year as prices soared, missing out on one of the biggest rallies in a generation. Now he’s grappling with inflation.”
Drought Continues to Impact U.S. Crops
Wall Street Journal writer Kirk Maltais reported on Tuesday that, “Drought is blistering key U.S. cash crops, further elevating prices for staples including corn and wheat.”
African Swine Fever Recovery in China, a Variable Impacting Feed, Pork Imports
Reuters News reported last week that, “China’s soybean imports from top supplier Brazil fell in July from the previous year, customs data showed on Friday, as poor crush margins weighed on demand.”
EPA to Propose Biofuel Blending Mandates for 2021 to Below 2020 Levels, Sources Say
Late last week, Reuters writers Stephanie Kelly and Jarrett Renshaw reported that, “The U.S. Environmental Protection Agency is expected to recommend to the White House reducing federal biofuel blending mandates for 2021 to below 2020 levels in what would be a blow to the biofuels industry, two sources familiar with the matter said on Friday.”