Trade

New York Times writer Ana Swanson reported on the front page of Monday’s paper that, “A supply chain crisis for imports has grabbed national headlines and attracted the attention of the Biden administration, as shoppers fret about securing gifts in time for the holidays and as strong consumer demand for couches, electronics, toys and clothing pushes inflation to its highest level in three decades.”

Earlier this week, in its Grain: Worlds Market and Trade report, the USDA’s Foreign Agricultural Service (FAS) stated that, “China coarse grain imports for 2020/21 are now complete.”

Bloomberg writer Megan Durisin reported this week that, “Global wheat exports will reach an all-time high as Russia, the European Union, India and Ukraine are all shipping out more than expected.”

Reuters News reported this week that, “China’s soybean imports in October fell 41.2% from a year earlier, hitting the lowest level since March 2020, customs data showed on Sunday, as poor crush margins curbed demand and Hurricane Ida limited U.S. shipments.”

Bloomberg News reported on Tuesday that, “A statement from China’s government urging local authorities to ensure there was adequate food supply during the winter and encouraging people to stock up on some essentials prompted concerned talk online, with people linking it with the widening coronavirus outbreak, a forecast cold snap, or even rising tensions with Taiwan.”

The USDA’s Economic Research Service (ERS) indicated in its October Oil Crops Outlook report that, “Brazil planted 38.6 million hectares of soybeans in the 2020/21 marketing year.”

In its October Livestock, Dairy, and Poultry Outlook report, the USDA’s Economic Research Service (ERS) indicated that, “U.S. beef exports in August set a new record of 325 million pounds, an increase of 57 million pounds, or 21 percent, from a year ago.”

Bloomberg writer Ailing Tan reported this week that, “China’s goods imports from the U.S. have only reached about 53% of the $200 billion worth of additional products and services it promised to buy under the trade deal signed last year, far behind its purchasing target.”

Reuters writer Dominique Patton reported this week that, “China’s third-quarter pork production surged to its highest in three years, official data showed on Monday, after producers built thousands of large breeding farms last year to rebuild a hog herd decimated by African swine fever.”

Reuters writers Hallie Gu and Gavin Maguire reported late last week that, “For the first time in a year, corn prices in China’s key Shandong hub this week have fallen to the same levels as wheat, leading some feed producers to switch back to using more of the yellow grain, traders and analysts said.”

In its Livestock and Poultry: World Markets and Trade report this week, the USDA’s Foreign Agricultural Service (FAS) indicated that, “China pork production is expected to contract in 2022 as the hog sector adjusts to rapidly changing market conditions. Hog prices have fallen dramatically since the beginning of 2021 and have remained persistently low despite recent national holidays that usually mark an uptick in pork consumption.”

Wall Street Journal writer Yuka Hayashi reported late last week that, “The Biden administration kicked off its trade-policy engagement with China late Friday with a virtual meeting between U.S. Trade Representative Katherine Tai and Chinese Vice Premier Liu He.”

Financial Times writers Demetri Sevastopulo and Ryan McMorrow reported on Thursday that, “Joe Biden and his Chinese counterpart Xi Jinping have agreed to hold a virtual summit this year, in the first sign of improving relations between the countries since the US president took office.”

A recent report from the USDA’s Foreign Agricultural Service (FAS) post in Beijing (“China: Grain and Feed Update”) stated that, “Post’s MY 2021/22 corn import forecast is 20 MMT, 6 MMTs below USDA’s official forecast.”

Wall Street Journal writers Josh Zumbrun, Bob Davis and Lingling Wei reported in Tuesday’s paper that, “The Biden administration began defining its China trade policy Monday, saying it aims to launch new talks with Beijing but will keep existing tariffs in place, while also restoring the ability of U.S. importers to seek exemptions from those levies.”

Bloomberg News reported this week that, “China’s power-hungry commodities producers are in Beijing’s firing line, but the government’s efforts to stave off a full-blown energy crisis are also fueling rallies in everything from fertilizer to silicon.”

Reuters writer Karl Plume reported this week that, “U.S. soybean exports jumped last week to a six-month peak, while corn shipments were the highest in a month as Louisiana Gulf Coast terminals steadily ramped up operations disrupted nearly a month ago by Hurricane Ida, preliminary data showed on Monday.”

In its monthly Livestock, Dairy, and Poultry Outlook report last week, USDA’s Economic Research Service (ERS) stated that, “In July, U.S. beef exports totaled 297 million pounds, exceeding last July’s exports by 17.9 percent or 45 million pounds.”

Reuters writer Julie Ingwersen reported earlier this week that, “U.S. grain exports increased last week as shippers along the Louisiana Gulf Coast recovered from flooding and widespread power outages caused by Hurricane Ida’s Aug. 29 landfall, but volumes were much lower than normal, preliminary data showed on Monday.”

In its monthly Livestock, Dairy, and Poultry Outlook report last week, USDA’s Economic Research Service (ERS) stated that, “Pork exports in July were 508 million pounds, 8.5 percent lower than those of a year ago.”