David J. Lynch and Emily Rauhala reported on the front page of Saturday’s Washington Post that, “President Trump on Friday leveled an extraordinary broadside at the Chinese government, accusing it of a comprehensive ‘pattern of misconduct’ and ordering U.S. officials to begin the process of revoking Hong Kong’s special status under U.S. law.”
Trade
China Reiterates Pledge to Implement Phase One Agreement
Bloomberg News reported yesterday that, “China reiterated a pledge to implement the first phase of its trade deal with the U.S. despite setbacks from the coronavirus outbreak, and as tensions escalate between the world’s two biggest economies.”
A Closer Look at U.S. Pork Exports from USDA’s Economic Research Service
Yesterday, USDA’s Economic Research Service (ERS) released its monthly Livestock, Dairy, and Poultry Outlook, which included updated information regarding U.S. pork exports. Illinois is a leading pork producing State.
Amid Phase One Frustration, China Asks Food Companies To Boost Commodity Supplies as COVID-19 Fears Linger
David J. Lynch reported on the front page of Saturday’s Washington Post that, “President Trump on Friday linked China’s handling of the initial coronavirus outbreak with his irritation over slow progress toward implementing the trade deal he signed with Beijing in January, saying ‘it’s not like we’re thrilled’ with the Chinese government.”
U.S., China Trade Issues: Meeting Phase One Targets a “‘Herculean Task”
Emiko Terazono and Sun Yu reported today at The Financial Times Online that, “Brazil’s soyabean shipments to China hit a monthly record of more than 9m tonnes in April, casting doubt on whether Beijing can meet the first-year targets of its trade deal with Washington.”
U.S., China Trade Talks Remain “On Track,” Phase One Obligations Expected To Be Met
Bloomberg News reported last night that, “The top trade negotiators for China and the U.S. pledged to create favorable conditions for implementation of the bilateral trade deal and cooperate on the economy and public health.”
China “Very, Very Committed” to Phase 1, But Skepticism Remains as COVID-19 Repercussions Cloud Outlook
Reuters News reported last week that, “China remains ‘very, very committed’ to meeting its commitments under a Phase 1 trade deal with the United States, despite the unprecedented economic and health impacts of the new coronavirus pandemic, a senior U.S. trade official said on Wednesday.”
USDA-FAS Reports Provide Updates on Ag Trade, Production, and COVID-19 Impacts
On Thursday, the USDA’s Foreign Agricultural Service (FAS) released three reports that provided updated information on agricultural trade, production and recent impacts of the COVID-19 outbreak. A focus on wheat and rice, protein markets, and soybeans are included in today’s update.
Global Food Markets “Well Balanced” During COVID-19 Outbreak, But Trucking Issues a Concern
The April edition of the Market Monitor, a publication from the Agricultural Market Information System (AMIS), stated that, “Despite much uncertainty caused by the rapid spread of COVID-19, global food markets remain well balanced: cereal stocks are expected to reach their third highest level on record this season and export availabilities for all AMIS crops are more than adequate to meet the anticipated demand.”
During COVID-19 Outbreak, Some Countries Restrict Ag Exports– WTO / UN Stress Importance of Keeping Supply Chains Open
Wall Street Journal writers Kirk Maltais and Joe Wallace reported this week that, “Consumers are loading up on pasta, rice and bread. Farm supply lines are disrupted. Countries are restricting agricultural exports.”
Despite Ample Global Supplies, Concerns About “Food Nationalism,” and Supply Chain Restrictions Amid COVID-19 Outbreak
Earlier this week, Bloomberg writers Isis Almeida and Agnieszka de Sousa reported that, “It’s not just grocery shoppers who are hoarding pantry staples. Some governments are moving to secure domestic food supplies during the conoravirus pandemic.”
Progress in U.S., China Phase One Trade, as COVID-19 Logistical Hurdles Impact Markets
Reuters writers Andrea Shalal and David Lawder reported this week that, “The United States and China have made progress in implementing the agriculture-related provisions of a Phase 1 trade deal that took effect on Feb. 14, the U.S. Department of Agriculture (USDA) and U.S. Trade Representative said on Tuesday.”
Coronavirus Increases Challenge of a Demand Bounce, and Phase One Purchase Targets
Bloomberg writers Lydia Mulvany and Michael Hirtzer reported last week that, “In times of economic woe, one of the first luxuries to go is beef. That old adage is so far proving to be true as the global coronavirus outbreak dents demand.”
Multiple Dynamics at Play as Observers Assess Trade One Commitments by China
Bloomberg writer Isis Almeida reported last week that, “Crop traders obsessing over the deadly coronavirus in China may be overlooking another key challenge to the Trump administration’s phase one trade deal: the U.S. dollar.”
Secretary Perdue Discusses MFP at House Ag Committee Hearing
Bloomberg writer Mike Dorning reported on Wednesday that, “U.S. Agriculture Secretary Sonny Perdue sees a ‘less than 10%’ chance that U.S. farmers will get another round of trade aid this year, despite a tweet from President Donald Trump last month raising the possibility.”
A Closer Look at Phase 1 Commitments, as Coronavirus “Has Scrambled” the Outlook
Writing recently at the CARD (Center for Agricultural and Rural Development) Agricultural Policy Review, from Iowa State University (“The Phase One Trade Deal: Projections and Implications”), Chad Hart and Lee Schulz stated that, “The Phase One deal alters the agricultural trade landscape—China has agreed to specific targets for agricultural purchases for this year and next year.”
China Purchase of U.S. Sorghum Highlights Willingness to Buy When it Makes Economic Sense
Bloomberg writers Isis Almeida and Michael Hirtzer reported on Tuesday that, “China is back in the market for U.S. sorghum this week, signaling the world’s top food importer is willing to buy U.S. agricultural products only when they are cheaper.”
Highlights from USDA Trade and Commodity Outlook Reports
Following this month’s release of the USDA’s Long-Term Projections, on Thursday, the Department released its quarterly Outlook for U.S. Agricultural Trade. This update provided an overview of agricultural trade based on the 2020 fiscal year, which began in October, months before the U.S. and China signed the Phase-One trade agreement. Recall that Phase One farm purchase commitments are based on the calendar year.
China Considering U.S. Farm Purchases by March as Coronavirus Impacts Persist
Bloomberg News reported this week that, “China is considering making some purchases of U.S. agricultural goods by early March as a way to show it’s still committed to its phase one trade deal, according to people familiar with the matter.”
Coronavirus Cases Increase, But More U.S. Soybean Sales Expected
Wall Street Journal writers Wenxin Fan, Natasha Khan, and Chao Deng reported this week that, “New cases of the coronavirus rose sharply after Chinese authorities changed the criteria for diagnosing the illness, raising questions about how soon the outbreak will peak.”