Reuters reported Monday evening that “U.S. President-elect Donald Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs.” “‘On January 20th, […]
Agricultural Economy
Market Relief Needed to Supplement Farm Bill Extension, Senators Say
Progressive Farmer’s Chris Clayton reported Wednesday that “as Congress looks to craft a disaster package, Republican senators are making the case that disaster aid for farmers should be broader than just those producers hit by hurricanes this fall and include ‘market-related disasters.’” “The U.S. Senate Appropriations Committee held a hearing Wednesday with officials from multiple […]
Trump Commerce Pick Increases Concerns of China Trade War
AgWeb’s Jim Wiesemeyer reported Wednesday that “President-elect Donald Trump’s selection of Howard Lutnick, the CEO of Cantor Fitzgerald, as Commerce Secretary highlights plans to leverage tariffs in trade negotiations, with Lutnick emphasizing their use as both a revenue source and bargaining tool.” “Lutnick has called the tariffs a negotiating tool that could be used to […]
Ag Producers Bracing for Potential China Trade War
Reuters’ Casey Hall, Brenda Goh and Mei Mei Chu reported last week that “U.S. agriculture producers are bracing for the prospect of a fresh trade war under U.S. President-elect Donald Trump again hitting exports of farm goods to China, but they said while any new tariffs would hurt, they felt better prepared.” “China is the […]
Lack of 45Z Guidance Could Cause Biofuel Production Shutdowns
Bloomberg’s Tarso Veloso and Kim Chipman reported Monday that “agriculture giants including Cargill Inc. and Bunge Global SA are slowing their buying of soybeans due to uncertainty over US biofuels policy.” “The lack of guidance for a new clean-fuel tax credit is causing biofuels producers to put off some purchases of soyoil for early next […]
E15 Gasoline Finally Coming to California?
Agri-Pulse’s Brad Hooker reported at the end of this past week that “Gov. Gavin Newsom on Friday directed the California Air Resources Board to accelerate its regulatory review of the E15 blend of gasoline. Newsom said the higher ethanol mix would reduce gas prices while supporting the state’s stringent regulations on tailpipe emissions.” “The governor […]
Farm Economy Steady to Weakening, Fed Says
Successful Farming’s Chuck Abbott reported Thursday that “the farm economy stabilized in the Midwest and northern Plains but weakened in much of the country this fall as producers nationwide confronted high costs and lower commodity prices, said the Federal Reserve’s Beige Book on Wednesday. ‘Agricultural activity was flat to down modestly, with some crop prices […]
Ag economy is in a recession, says majority of ag economists
More than half of the 70 agriculture economists surveyed in Farm Journal’s Ag Economists’ Monthly Monitor believe that the United States agriculture economy is in a recession, while 75% of those economists surveyed think the ag economy is on the brink of a recession. “Farmers are seeing heightened volatility in commodity prices as harvest season progresses,” […]
FTC Investigating John Deere Over ‘Right To Repair’
Reuters’ Jody Godoy reported at the end of this past week that “the U.S. Federal Trade Commission is probing farm equipment maker Deere over the company’s repair policies, according to a filing made public on Thursday. The investigation, authorized on Sept. 2, 2021, focuses on repair restrictions manufacturers place on hardware or software, often referred […]
John Deere Announces More Midwest Layoffs
The Des Moines Register’s Kevin Baskins reported Thursday that “John Deere has announced another round of layoffs in the Quad Cities affecting 287 workers, including 80 in Davenport.” “The other layoffs, effective Jan. 3, are of 200 workers at the company’s Harvester Works in East Moline, Illinois, and seven at its Seeding and Cylinder operations […]
New US-China Trade War Could Cost Farmers Billions
United States corn and soybean farmers could lose billions of dollars in annual production value in the event of a potential new tariff-induced US-China trade war, according to a new economic study commissioned by the American Soybean Association and the National Corn Growers Association and conducted by the World Agricultural Economic and Environmental Services. The […]
Ag Economists Say Both Presidential Candidates Bad for Trade
A majority of agriculture economists surveyed in the September Ag Economists Monthly Monitor say that both Kamala Harris and Donald Trump would hurt trade in the United States as president. Of the 70 ag economists surveyed for the Monthly Monitor, 86% say a Trump administration would hurt United States trade, while 55% say a Harris […]
Mississippi River Falls During Record Harvest Season
Progressive Farmer’s Mary Kennedy reported Monday that “as fall harvest of record corn and soybean crops is in full swing, river conditions continue to worsen, stalling barges trying to move up and down the Lower Mississippi River (LMR). In addition, barge drafts and tow sizes have been cut.” “Ceres Consulting said in their daily barge […]
McDonald’s Sues Big 4 Meat Packers for Price Fixing
Reuters’ Mike Scarcella reported Monday that “McDonald’s has sued JBS, Tyson Foods and other leading meat processing and packing companies for allegedly conspiring for years to limit beef supplies, boosting their profits while causing the fast food giant to pay artificially higher prices.” “McDonald’s said in a lawsuit filed on Friday in Brooklyn federal court […]
Ukraine Ag Sector War Losses Could Top $80 Billion
Reuters reported at the beginning of October that “indirect losses in Ukraine’s key agricultural sector caused by the Russian invasion could reach $83 billion by the end of 2025, mainly due to falling harvests, the Kyiv School of Economics (KSE) said on Thursday. Ukraine is a global major grower and exporter of grain, vegetable oils […]
Middle East Tensions Affecting Fertilizer Markets
RFD-TV reported at the end of this past week that “the ag sector is keeping a close eye on the fertilizer market amid tensions in the Middle East. Global nitrogen values started to rise following events earlier this week, which comes following months of tight supply.” “The story this week has been the Iranian attack […]
East & Gulf Coast Port Strike Ends
Reuters’ Doyinsola Oladipo and David Shepardson reported late Thursday that “U.S. dock workers and port operators reached a tentative deal that will immediately end a crippling three-day strike that has shut down shipping on the U.S. East Coast and Gulf Coast, the two sides said Thursday.” “The tentative agreement is for a wage hike of […]
Hurricane Helene Causes Billions in Ag Damage
Bloomberg’s Gerson Freitas Jr and Ilena Peng reported that “Hurricane Helene has halted chicken processing plants and caused severe damage to some flocks, while also downing pecan trees and flattening cotton crops, as floodwaters swamped the southern US.” “Every commodity was impacted, with cotton, pecans, poultry and timber the hardest hit, according to Matthew Agvest, […]
Dockworkers Begin Strike at East and Gulf Coast Ports
The Associated Press’ Tom Krisher and Tassanee Vejpongsa reported early Tuesday morning that “dockworkers at ports from Maine to Texas began walking picket lines early Tuesday in a strike over wages and automation that could reignite inflation and cause shortages of goods if it goes on more than a few weeks.” “The contract between the […]
US Port Strike Could Affect Ag Shipping
The Financial Times’ Taylor Nicole Rogers reported Sunday that “businesses are bracing for a strike at three dozen US ports that could upend supply chains and raise prices just weeks before election day.” “The International Longshoremen’s Association says its 25,000 members will walk off the job if the union does not come to a new […]