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Shining Light on Farm & Food Policy for 20 Years.
Monday, May 20, 2024
The USDA’s Economic Research Service on Thursday lowered its forecast for U.S. agricultural exports in fiscal year 2024 to $169.5 billion. That’s down $2.5 billion from USDA’s previous forecast in August and down $9.2 billion from exports in FY 2023.
If India can keep on track for using more and more ethanol in gasoline, the country could well blend its way into needing U.S. imports, opening up major new trading opportunities with the second-most populous nation in the world.
The 2022-23 soybean marketing year starts officially on Thursday, and signs indicate exports will get off to a strong start. USDA data shows China is buying heavily, but marketing and education efforts by U.S. farm groups are paying off as demand is also growing in places like Egypt.
When it comes to producing soyoil for the rapidly emerging renewable diesel market, the industry is adamant that it can expand without the kind of food-versus-fuel criticism from the general public that has plagued biofuels in the past.
USDA’s Economic Research Service is predicting total U.S. ag exports in the 2022 fiscal year to reach a record $177.5 billion, up $4 billion from the latest forecast for FY 2021 exports.
India, as expected, is opening up its market to soymeal imports and allowing for product made from genetically modified soybeans, according to a statement released Tuesday by the country's government.
The U.S. on Monday suspended a formal trade tie with Burma two months after a military coup and the arrest of the country’s elected leader, Aung San Suu Kyi, and others in her National League for Democracy party. The U.S. action comes after years of increasing agricultural trade with Burma amid warming relations between the two countries, but that progress is now threatened.
Roughly 30,000 metric tons of U.S. soybeans are set to arrive in the Paranagua port in southern Brazil Thursday, demonstrating just how much Brazil — the world’s largest soybean producing and exporting country — has over-exported its own large crop this year.
U.S. and Chinese negotiators are in Beijing this week trying to strike agreements to end the countries’ trade war, but the damage has already been done for the U.S. ag sector and farmers say some of it is irreversible.
