Bloomberg News reported on Thursday that, “China’s soybean imports were the second highest on record in July as processors increased purchases of cheaper Brazilian supplies and demand for hog feed recovered.”
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.
Department of Energy Finishes Recommendation on Retroactive RFS Exemption Requests
Reuters writer Stephanie Kelly reported this week that, “The U.S. Department of Energy has recommended that some of the oil refiners that applied for retroactive exemptions from the nation’s biofuel blending law be granted partial relief, two sources familiar with the matter said on Tuesday.”
U.S., China to Discuss Phase One Trade Deal Later this Month
Lingling Wei and Bob Davis reported in today’s Wall Street Journal that, “The U.S. and China have agreed to high-level talks on Aug. 15 to assess Beijing’s compliance with the bilateral trade agreement signed early this year, according to people briefed on the matter.”
China Makes (Another) Record U.S. Corn Purchase in July, But Achieving Phase One Targets May Still be a Stretch
Bloomberg writers Elizabeth Rembert and Michael Hirtzer reported last week that, “China took another step toward meeting agricultural commitments made in the phase one trade agreement with the U.S. with its biggest-ever purchase of American corn.”
Senate Releases Draft COVID Relief Measure (HEALS Act), a Follow-Up to CARES Act, but Different From House Passed HEROES Act
Washington Post writers Erica Werner, Jeff Stein and Seung Min Kim reported earlier this week that, “A fraught showdown over the next coronavirus relief bill got underway Monday as Senate Republicans unveiled a $1 trillion package [the Health, Economic Assistance, Liability Protection and Schools Act, or HEALS Act], and congressional Democratic leaders met with top White House officials.”
Perspective on U.S., China Trade, as Phase One Purchases “Strong” this Summer
Last week, the USDA’s Foreign Agricultural Service (FAS) released its “2019 U.S. Agricultural Export Yearbook,” that provided “a statistical summary of U.S. agricultural commodity exports to the world and the United States’ primary trading partners.”
Kansas City Fed: Agricultural Financing Activity Slowed in Second Quarter
In an update last week from the Federal Reserve Bank of Kansas City (“Agricultural Lending Consistently Slower”), Nathan Kauffman and Ty Kreitman stated that, “Agricultural financing activity slowed in the second quarter, according to the Survey of Terms of Lending to Farmers.”
Farm State Lawmakers: Ethanol a Priority in Senate COVID Relief Package
Reuters writer Stephanie Kelly reported late last week that, “U.S. lawmakers from Iowa are trying to add aid for the biofuels industry into a pending coronavirus relief package in the Senate, U.S. Senator Chuck Grassley said on Friday.”
Federal Reserve: Observations on the Ag Economy- July 2020
On Wednesday, the Federal Reserve Board released its July 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.
China Makes Record U.S. Corn Purchase
Bloomberg writers Michael Hirtzer and Isis Almeida reported on Tuesday that, “China made its biggest purchase ever of U.S. corn in another boost to meeting agriculture targets set in the countries’ first-phase trade accord.”
Phase-Two Deal With China Unlikely, As U.S. Corn Exports Continue
Josh Zumbrun and Catherine Lucey reported on the front page of Saturday’s Wall Street Journal that, “President Trump damped expectations for a promised phase-two trade pact with China on Friday, saying the relationship between the countries has been too badly damaged by the coronavirus pandemic.”
Amid Weaker Economic Conditions, Reports Suggest Farmland Values Holding Steady
Last week, the Federal Reserve Bank of Dallas released its Agricultural Survey. In part, the quarterly report stated that, “Bankers responding to the second-quarter survey reported overall weaker conditions across most regions of the Eleventh District.”
U.S. Corn and Cotton to China, But Buying Pace Needs a Big Boost to Meet Phase One Pledges
Bloomberg writers Michael Hirtzer and Dominic Carey reported last week that, “While U.S. shippers sent sizable orders of wheat, corn, cotton, pork and other agriculture goods to China in May, China would need to pick up the buying pace further to meet its trade-deal pledges.”
Ethanol: Issues Over EPA SRE (Small-Refinery Exemption) Requests Persist
Rachel Frazin reported recently at The Hill Online that, “The Senate Environment and Public Works Committee will not take up Douglas Benevento’s nomination for the No. 2 position at the Environmental Protection Agency (EPA) after Sen. Joni Ernst (R-Iowa) announced her opposition.”
China Imports Still Not on Pace to Meet Phase One Targets
On Monday, Bloomberg News reported that, “China’s purchases of U.S. goods increased last month as the economy continued its recovery from the coronavirus shutdowns, but imports are still far behind the pace needed to meet the terms of the ‘phase one’ trade deal.”
China’s Restrictions on Food Imports Meet Resistance from Exporters
Last week, Bloomberg’s Mike Dorning reported that, “U.S. health and agricultural authorities issued thinly veiled criticism of new demands from China for food-exporting companies to sign documents stating that they comply with safety standards to prevent transmission of Covid-19.”
Senate Ag Committee Hearing: Monetizing Voluntary Conservation Practices
On Wednesday, the Senate Agriculture Committee held a Legislative Hearing to Review S. 3894, The Growing Climate Solutions Act of 2020.
COVID-19 Ag Related Losses Mount, as China Seeks Virus Documentation on Soybeans
Donnelle Eller reported on the front page of Tuesday’s Des Moines Register that, “The Trump administration has sent $4 billion in payments to U.S. farmers to help cover losses due to the coronavirus, part of $16 billion that’s available to provide direct aid to offset losses for farmers and ranchers.”
A Closer Look at U.S. Meat Production from USDA’s Economic Research Service
Last week, USDA’s Economic Research Service (ERS) released its monthly Livestock, Dairy, and Poultry Outlook, which included updated information regarding meat production.
China to Accelerate U.S. Farm Purchases, as Trade Partners Raise Concerns Over U.S. Farm Assistance
Bloomberg News reported on Friday that, “China plans to accelerate purchases of American farm goods to comply with the phase one trade deal with the U.S. following talks in Hawaii this week.”