FERN’s Ag Insider reported earlier this week that “the U.S. food and ag trade deficit will soar to a record $42.5 billion in the fiscal year opening on Oct. 1, fueled by steadily growing consumer demand for imported fresh produce, alcohol, coffee, and sugar, said USDA economists on Tuesday. It would be the third year […]
Trade
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 […]
Canadian Rail Stoppage Looms This Week
The Associated Press’ Tom Krisher reported this past weekend that “Canada’s two largest railroads are starting to shut down their shipping networks as a labor dispute with the Teamsters union threatens to cause lockouts or strikes that would disrupt cross-border trade with the U.S.” “Both the Canadian Pacific Kansas City and Canadian National railroads, which […]
US Renewable Diesel Imports Up 29% This Year
FERN’s Ag Insider reported Monday that “the United States imported near-record volumes of renewable diesel fuel in each of the first five months of this year, averaging 30,000 barrels a day, said the Energy Information Administration (EIA). The imports, which were 29% higher than in the same period in 2023, came from one producer, Neste, […]
EPA Investigating Used Cooking Oil Import Authenticity
Reuters’ Leah Douglas reported Wednesday that “the U.S. Environmental Protection Agency has launched investigations into the supply chains of at least two renewable fuel producers amid industry concerns that some may be using fraudulent feedstocks for biodiesel to secure lucrative government subsidies.” “EPA spokesperson Jeffrey Landis told Reuters that the agency has launched audits over […]
Brazil Tax Change Could Make US Soybeans More Attractive
Bloomberg’s Clarice Couto reported this past Friday that “a surprising tax change in agriculture powerhouse Brazil has the potential to make soy grown in the world’s largest bean exporter less competitive with supplies from the US, according to a report from risk management firm Amius Ltd. The provisional measure, signed Tuesday by President Luiz Inacio […]
US Ag Trade Deficit Widens to $32 Billion
The United States agricultural trade deficit is projected to increase once again to $32 billion in fiscal year 2024, an increase of $1.5 billion from the February projection, according to the USDA Economic Research Service’s May 2024 Outlook for U.S. Agricultural Trade report, which is released quarterly. “U.S. agricultural exports in fiscal year (FY) 2024 […]
Traders Speculate China Tariffs to Include Used Cooking Oil
Bloomberg’s Michael Hirtzer and Tarso Veloso reported Friday that “soybean oil futures surged by the most since July as traders bet that Chinese used cooking oil may be included on the list of tariffs expected to be announced by the US.” “Speculation spread in the market Friday that imports of used cooking oil from China […]
Argentina’s Rosario Port Falls in 2023 Exports, New Orleans Takes Top Spot
Reuters’ reported late last week that “Argentina’s massive Rosario farming port lost its spot as the world’s No. 2 grains export hub in 2023, a report from a local exchange showed on Friday, underscoring the impact of a historic drought that hammered corn, wheat and soy last year.” “Rosario shipped out 42.4 million metric tons […]
China Beef Demand, Pork Output Fall
Bloomberg’s Clarice Couto and Gerson Freitas Jr. reported earlier this week that “China’s beef imports are dwindling amid slowing consumption and ample domestic supply, dealing a blow to its biggest supplier Brazil.” “Official data show the value of China beef imports fell last year for the first time since at least 2016, with prices plunging […]
Ukraine Walked Away From New Black Sea Grain Deal
Reuters’ Guy Faulconbridge and Tuvan Gumrukcu reported Monday that “Russia and Ukraine negotiated for two months with Turkey on a deal to ensure the safety of shipping in the Black Sea and reached agreement on a text that was to be announced by Ankara but Kyiv suddenly pulled out, four people familiar with the matter told […]
Senate Resolution Blocks Paraguay Beef Imports
The Nebraska Examiner’s Jacob Fischler reported this past week that “the U.S. Senate easily passed a resolution Thursday to repeal a Biden administration rule allowing for beef to be imported from Paraguay.” “The resolution targets a final rule the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service issued in November that allowed for importation […]
Ag Groups Seek USDA Funds to Recover Markets
Bloomberg’s Gerson Freitas Jr and Isis Almeida reported Tuesday that “the US is seeing fervent industry support for its program to help the nation’s farmers win back overseas markets from rivals including Brazil and Russia, with agriculture groups seeking more than $900 million in aid.” “The US Department of Agriculture received applications for more than […]
EU Imposing Tariffs on Russian Grain
Reuters’ reported Tuesday that “the EU is preparing to impose tariffs on grain imports from Russia and Belarus to placate farmers and some member states, officials familiar with the plans said on Tuesday. Traders said Russian and Belarusian shipments to the bloc were low, certainly relative to those from Ukraine, and that the imposition of […]
USDA Raises 2024 Export & Import Forecast
The United States Department of Agriculture this week raised its fiscal year 2024 agricultural export and import forecasts by $1 billion each, holding steady its estimate of a $30.5 billion U.S. ag trade deficit in 2024. Fiscal year 2024 exports are now forecast at $170.5 billion, while imports are estimated at $201.0 billion. An ag […]
Corn Dropped Below $4 Last Week
Reuters’ P.J. Huffstutter reported that “Chicago Board of Trade corn futures (last) Friday dipped below $4 per bushel in the front-month contract Cc1 for the first time since November 2020, as hefty U.S. and global supplies weighed over the market.” May corn futures prices, however, remained above $4, closing at just above $4.13 last Friday. […]
First Ship Abandoned After Red Sea Attack
Bloomberg’s Omar Tamo, Mohammed Hatem, and Alex Longley reported Monday that “the crew of a commercial ship in the Red Sea abandoned the vessel following a Houthi attack — the first such evacuation since the militant group began menacing trade in the vital waterway late last year.” “The strikes on the Rubymar, a relatively small […]
Soybean Futures Continue Falling
Bloomberg’s Gerson Freitas Jr reported that last week, “soybeans capped an eighth straight week of losses, the longest stretch of declines since 2006, on an outlook for record global stockpiles and sluggish appetite for US exports.” “The losing streak underscores how soybean traders have lacked any incentive to buy futures of the commodity used in […]
Lawmakers Launch Ag Trade Caucus
“United States Representatives Jimmy Panetta (D-CA), Adrian Smith (R-NE), Jim Costa (D-CA), and Dusty Johnson (R-SD) announced the launch of the bipartisan Congressional Agricultural Trade Caucus” late last week, according to a press release from Panetta’s office. The caucus, which had been in development since September 2023, will “advance and promote policies vital to U.S. agriculture, […]
Trump Considering 60% Tariff on China
CNBC’s Rebecca Picciotto reported Sunday that “former President Donald Trump plans to escalate the U.S-China trade war he launched during his first term as president if he is elected to the office again in November.” “The GOP frontrunner confirmed in an interview broadcast on Sunday that he is considering a plan to impose tariffs of […]