Bloomberg News reported last week that, “China’s ban on German pork is set to cement the U.S. as the top overseas supplier of the nation’s staple meat.”
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.
New Round of Farm Aid for COVID Losses Announced, and Causes Snag in Congressional Spending Bill
Andrew Restuccia and Jesse Newman reported in Friday’s Wall Street Journal that, “President Trump unveiled $13 billion in new aid to farmers facing economic harm from the coronavirus pandemic as he aimed to boost support among rural voters at a campaign rally.”
China: Corn Crop Impacted by Adverse Weather, as U.S. Wheat and Soybean Exports Increase
Reuters writers Hallie Gu and Gavin Maguire reported on Wednesday that, “China’s corn crop is expected to fall by up to 10 million tonnes, or nearly 4%, from the latest government estimates after heavy wind and rains toppled crops in major production areas in the northeastern cornbelt, analysts said.”
Executive Branch Highlights Ethanol in Waiver Denials and E15 Promise
Wall Street Journal writers Lindsay Wise and Andrew Restuccia reported on Monday that, “The Trump administration will deny oil refiners’ retroactive requests for exemptions from U.S. biofuel laws, a major boon for Iowa, the leading producer of biofuels and a crucial state that could help determine which party wins the presidency and control of the Senate.”
China, South Korea Ban German Pork Imports (Japan Suspends), After African Swine Fever Case Discovered
Late last week, Bloomberg writers Megan Durisin, Brian Parkin, and Isis Almeida reported that, “A deadly pig disease has materialized in Germany for the first time, threatening to hammer exports from Europe’s biggest hog-producing nation.”
China Could Become Largest Corn Importer, While Soybean Variables Come Into Focus
Bloomberg News reported earlier this week that, “The corn harvest in [China] the world’s top producer after the U.S. is being closely watched as demand for hog and poultry feed expands and state reserves dwindle, pushing local prices to the highest in five years. Purchases from the U.S. and Ukraine already exceed 10 million tons, and they could hit 20 million tons if U.S. prices stay competitive, said Feng Lichen, chief analyst with portal www.yumi.com.cn. That would make the country the world’s largest importer.”
President Trump Instructs EPA to Deny Retroactive (“Gap-Year”) SRE (Small-Refinery Exemption) Waiver Requests
Reuters writers Stephanie Kelly, Jeff Mason and Jarrett Renshaw reported on Tuesday that, “U.S. President Donald Trump has instructed that dozens of oil refiner requests for retroactive waivers from U.S. biofuel laws be denied amid concerns the issue could cut into his support in the Farm Belt, three sources familiar with the decision said.”
China: High Demand for Farm Commodities Expected, as Food Inflation and Security Jitters Persist
Reuters writer Karl Plume reported last week that, “Chinese state-owned firms bought at least eight bulk shipments of U.S. soybeans on Wednesday, or at least 480,000 tonnes, for shipment in December and January, two U.S. traders familiar with the deals said.”
Federal Reserve: Observations on the Ag Economy- August 2020
On Wednesday, the Federal Reserve Board released its August 2020 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy.
2020 Farm Sector Income Forecast, September
The USDA’s Economic Research Service (ERS) indicated on Wednesday that, “Net farm income, a broad measure of profits, is forecast to increase $19 billion (22.7 percent) from 2019 to $102.7 billion in 2020. Net cash farm income is forecast to increase $4.9 billion (4.5 percent) to $115.2 billion.”
Since April, China Has “Stepped Up” U.S. Ag Purchases, as Taiwan Eases Limits on U.S. Beef and Pork
Reuters writer Karl Plume reported on Thursday that, “China made its largest weekly U.S. beef purchases on record last week, followed by its biggest U.S. corn deals in almost a month this week, according to U.S. Department of Agriculture data released on Thursday.”
Derecho and Drought Take Toll on Corn
Bloomberg writers Michael Hirtzer, Dominic Carey, and Kim Chipman reported last week that, “The corn crop in the U.S. Midwest deteriorated the most in 8 years with hot weather adding to woes from drought and the Aug. 10 derecho windstorm that swept through the top-growing state of Iowa.”
USDA Agricultural Trade Outlook- FY 2021 U.S. Agricultural Exports Forecast Up $5.5 Billion
On Wednesday, 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 and Hui Jiang.
U.S., China “Committed” to “Success” of the Phase One Trade Deal
Wall Street Journal writers Bob Davis and Lingling Wei reported this week that, “Senior U.S. and Chinese officials said they were committed to carrying out the phase-one trade accord between the two nations, the two governments said, after the two sides discussed the pact Monday evening U.S. time.”
“Fragile” Farm Economic Conditions Persist, as Ethanol Waiver Concerns Remain
Wall Street Journal writer Kirk Maltais reported on Saturday that, “Following a growing season last year filled with battering rainfall and bitter trade wars, U.S. farmers hoped 2020 would provide them an opportunity to make up some ground. Instead, the situation has grown worse for many as prices remain depressed.”
Phase One Talks Delayed, While Recent USDA Reports Provide Perspective on U.S. Farm Exports to China
Bloomberg News reported this week that, “President Donald Trump said he called off last weekend’s trade talks with China, raising questions about the future of a deal that is now the most stable point in an increasingly tense relationship.”
Federal Reserve Ag Credit Surveys- 2020 Second Quarter Farm Economy Conditions
On Thursday, the Federal Reserve Banks of Chicago and Kansas City released updates regarding farm income, farmland values and agricultural credit conditions from the second quarter of 2020.
Derecho Damage Begins to Unfold: Estimated 37.7 Million Acres of Farmland Impacted
Reuters writer Tom Polansek reported on Friday that, “A storm packing hurricane-force winds on Monday impacted 37.7 million acres of farmland across the Midwest, including 14 million in Iowa, the Iowa Soybean Association said on Friday, citing estimates from the U.S. Department of Agriculture.”
As U.S., Chinese Negotiators Plan Phase One Meeting, Trade Remains a Rare Area of Cooperation
Bloomberg News reported on Wednesday that, “U.S. and Chinese negotiators plan to discuss progress of their trade deal in the coming days, with Beijing pushing to widen the agenda to include Washington’s recent crackdown on businesses including TikTok and WeChat.”
Farm Bankruptcies, Drought, Derecho, and Land Values: Recent Ag Econ Variables in Focus
Wall Street Journal writer Jesse Newman reported last week that, “More U.S. farmers are filing for bankruptcy, as federal payments projected to reach record levels this year fall short of compensating for the coronavirus pandemic and a yearslong slump in the agricultural economy.”