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 […]
Agricultural Economy
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 […]
Trump Threatens Deere with 200% Tariff over Production Move to Mexico
Reuters’ Gram Slattery and Kanishka Singh reported that “Donald Trump said on Monday he would slap a 200% tariff on John Deere’s imports into the United States if the company moved production to Mexico as planned, comments that hit the agricultural equipment manufacturer’s share price. Earlier this year, John Deere announced that it was laying […]
Fed Cuts Interest Rates, Could Provide Some Relief For Ag
Reuters’ Howard Schneider and Ann Saphir reported that “the Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market.” “‘The committee […]
Lawmakers Consider Farm Aid as Farm Bill Remains Stalled
Agri-Pulse’s Philip Brasher reported Monday that “a senior Republican on the Senate Appropriations Committee said Monday lawmakers are considering attaching a package of farm income support to a farm bill extension that could be enacted at the end of the year.” “Kansas Sen. Jerry Moran, speaking at the annual Ag Outlook Forum presented by Agri-Pulse […]
Mississippi River Levels Falling At Harvest Time
The Associated Press’ Jim Salter reported this past week that “the water level of the Mississippi River is unusually low for the third straight year, forcing barge companies to put limits on how much cargo they can carry and cutting into farm profits. It was just two months ago that much of the Mississippi River […]
Farm Income To Fall Less Than Expected in 2024, USDA Says
Bloomberg’s Kim Chipman reported Thursday that “US farmers are poised to see a smaller-than-expected drop in income this year, down only 4.4% from 2023 even as prices of corn and soybeans — America’s two biggest crops — have plummeted.” “Growers are expected to see overall earnings of $140 billion, not including adjustments for inflation, according […]
Corn, Soy Prices to Remain Near Pre-2020 Levels in Coming Years
Successful Farming’s Chuck Abbott reported at the end of last week that “after soaring at the start of this decade, season-average prices for the three major U.S. crops will drop to pre-pandemic levels and stay there for the near term, said a University of Missouri think tank on Thursday. Cattle would be the most notable […]
Kroger-Albertsons Merger Trial Underway with FTC
Reuters’ Jody Godoy and Deborah Bloom reported that “the U.S. Federal Trade Commission kicked off a trial on Monday in its bid to block Kroger’s $25 billion merger with Albertsons, telling a federal judge in Portland, Oregon, that the deal would eliminate competition between the top grocery store chains and hit consumers’ wallets.” “The FTC […]
Canadian Government Orders Arbitration to End Rail Stoppage
The Associated Press’s Rob Gillies and Josh Funk reported Thursday evening that “freight trains in Canada could be running again within days after the government forced the country’s two major railroads into arbitration with their labor union Thursday, a move aimed at averting potentially dire economic consequences across the country and in the U.S. if […]
VP Harris Calls For Federal Ban on Food Price Gouging
The New York Times’ Jim Tankersley and Jeanna Smialek reported this past Friday that “Vice President Kamala Harris’s economic agenda for her presidential campaign features an argument that blames corporate price gouging for high grocery prices.” “That message polls well with swing voters. It has been embraced by progressive groups, which regularly point to price […]
Cargill Streamlining After Missing Profit Goals
Reuters’ Amy Lv and Naveen Thukral reported at the end of last week that “global trading house Cargill will undergo structural changes after missing internal earnings goals, with plans to streamline operations into three units instead of five, according to an internal company document seen by Reuters and two company sources.” “Agricultural merchants like privately […]