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.”
Farm Policy News
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.”
Brazilian Agribusiness Exports Set a Record, as Domestic Supply Difficulties Begin
Brazilian agribusiness exports were at record levels in June 2020, with foreign sales of US$ 10.17 billion. There was a growth of 24.5% in relation to exports in June 2019 (US$ 8.17 billion). The result was released last Friday by the Department of Commerce and International Relations of the Ministry of Agriculture of Brazil.
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.”
China Expands Suspension of Meat Imports from Brazil
The suspension of meat imports by China so far affects five large Brazilian plants. On Saturday, the Asian country removed pig companies BRF in Lajeado and JBS in Três Passos, both cities in Rio Grande do Sul state, from the list of plants authorized to export. Less than a week earlier, another three units (two beef and one poultry) had their sales to China halted. China is the largest importer of pork, beef and chicken from Brazil.
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.”
Argentina Combats Locust Cloud, as Brazil Stays on Alert
Last week, the advance of a locust cloud put the Brazil and Argentine authorities on alert. According to a bulletin released by the National Service for Health and Agrifood Quality (Senasa), the locust cloud came from Paraguay, where it destroyed corn crops. The cloud’s movement has been influenced by wind direction and high temperatures.
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.”
EPA Receives 52 Retroactive SRE (Small-Refinery Exemption) Requests
Reuters writer Stephanie Kelly reported on Thursday that, “The U.S. Environmental Protection Agency has received 52 new petitions for retroactive biofuel blending waivers that, if granted, would help bring oil refiners into compliance with a court ruling this year, EPA data showed on Thursday.”
USTR Lighthizer Defends Phase One Trade Deal, Expects China to Fulfill Its Promise
Ana Swanson reported in today’s New York Times that, “The Trump administration’s top trade negotiator defended the president’s economic agreement with China on Wednesday, saying that Beijing was buying more American products and had reaffirmed its commitment to live up to the deal.”
China Continues to Buy American Soybeans
Bloomberg writer Isis Almeida reported on Wednesday that, “China continues to buy American soybeans despite worsening rhetoric from President Donald Trump over Hong Kong.”
Cause for Concern? Government Programs Increasingly Important Part of Farm Income
DTN Ag Policy Editor Chris Clayton reported last week that, “The American Farm Bureau Federation on Wednesday sent a detailed list of recommendations to Congress to help farmers, stating that even though lawmakers had provided earlier aid, more is needed because of economic losses facing the industry.”