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Shining Light on Farm & Food Policy for 20 Years.
Friday, May 17, 2024
The USDA is reporting sales of 396,000 metric tons of soybeans to China as the forecast for U.S. exports this year continues to rise on increasing Chinese demand.
China snapped up another 136,000 metric tons of 2019-20 U.S. soybeans this week, according to a USDA announcement Tuesday, showing the country is not letting up on purchases that go toward meeting its promises under the “phase one” trade agreement.
Grain markets barely reacted to USDA’s World Agricultural Supply and Demand Estimates report released Tuesday as U.S. corn ending stocks for this marketing year are expected to grow but not as high as traders had expected.
The disruptions in U.S. meatpacking continue to ripple through supermarkets and now have reached Wendy’s, which once had one of the most famous retail slogans in America: “Where’s the beef?”
U.S. soybean exports have been steadfastly weathering the severe impacts of COVID-19 around the world, but the pandemic is impacting foreign customers in waves and new threats continue to manifest as nations around the world work to keep their people fed.
USDA reports released Thursday show China has purchased another 1,400 metric tons of U.S. beef and 272,000 tons of U.S. soybeans, demonstrating importers are successfully getting exemptions to the country’s tariffs.
USDA’s $19 billion COVID-19 aid package for farmers may fall well short of compensating producers for the estimated damage of the pandemic, and the department has an ambitious and novel plan to distribute USDA-purchased commodities to needy people.
Friday’s announcement of $19 billion in coronavirus-related direct payments and commodity purchases was welcome news in farm country, which is reporting a growing level of stress about the pandemic.
Department of Agriculture officials dropped corn used to produce ethanol by 375 million bushels in this month’s World Agricultural Supply and Demand Estimates report released Thursday, while raising corn, soybean, and wheat ending stocks.
Over 100 biofuel plants across the country are fully idling or cutting production rates as gas prices fall because people are staying at due to the COVID-19 outbreak and major oil producers feud over output.
