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Shining Light on Farm & Food Policy for 20 Years.
Saturday, September 21, 2024
China says it is ready to join the plant biotechnology revolution, opening its fields to the widespread cultivation of genetically modified soybean and corn crops in an effort to bolster domestic production, but it’s unclear if the transformation will benefit U.S. exports.
There were fears that even though U.S. ag exports to China were rising after the countries agreed to a trade war détente during the Trump administration, the U.S. might never recover its pre-trade war share of China’s imports.
A new Agriculture Department report projects the nation’s corn producers will still be able to top 15 billion bushels of nationwide production even as stretches of the heartland face dry weather that will lower yields.
U.S. farmers planted 6% more corn acres this spring than last year but 5% fewer soybean acres, which is likely to drive U.S. soybean exports lower because of tighter supplies and higher prices.
Weakening corn and soybean demand revealed in Friday’s USDA’s World Agricultural Supply and Demand Estimates could keep a lid on grain and oilseed prices.
USDA has cut its forecast for the value of U.S. ag exports in fiscal year 2023 to $181 billion, a $3.5 billion reduction from the agency’s February prediction of $184.5 billion.
The House Agriculture Committee is considering raising reference prices based on a commodity’s relative input costs, an approach that could benefit some southern crops over commodities such as soybeans and corn.