China is determined to grow more self-sufficient, but the country is also widely expected to remain a growing importer of meat and grains for years to come as the Chinese economy and demand grows, outstripping production capacity, according to economists and new government forecasts.
The Department of Agriculture expects U.S. farm exports to hit a record $157 billion for fiscal 2021, an increase of $21 billion over the year before, as the global economy recovers and China increases its already strong demand for U.S. corn, soybeans and meat.
There are new signs of division on the Senate Agriculture Committee when it comes to climate change. The committee’s top Republican, John Boozman, told members of the National Cotton Council Thursday that funding to address climate change could come out of existing farm bill programs.
There were high hopes after the phase one agreement was implemented last February that China would finally overhaul its opaque and sluggish approval process for new agricultural biotech traits, but that optimism has mostly turned to disappointment a year later.
Farm earnings are broadly expected to ease this year, although USDA's latest farm income forecast projects skyrocketing prices for key commodities will help offset a steep drop in government payments and increases in production costs.
President Joe Biden is looking to get more members of his Cabinet in place this week, even as the top priority on his agenda, a COVID-19 relief package, is getting a rocky reception from Senate Republicans.
Farmers are getting new options to cover differences in farming practices and crops, and many growers will be able for the first time this year to buy an endorsement to cover a portion of their deductibles.