China has been ramping up its corn and soybean purchases in recent weeks, but USDA's latest trade data show Chinese imports through July this year are still below 2018 levels and are far from the pace needed to meet goals set in the “phase one” trade pact.
The value of both U.S. agricultural imports and exports fell in the month of May as meat suppliers saw their production capacity tested by COVID-19, according to data from USDA's Economic Research Service and the U.S. Department of Commerce.
COVID-related shutdowns and slowdowns at meatpacking plants pushed beef exports for May below last year’s levels and pork exports to their lowest level since October, according to data collected by the United States Meat Export Federation (USMEF).
The Senate Agriculture Committee will hold a landmark hearing this week on a bipartisan plan to accelerate the development of agricultural carbon markets, and the panel also is set to act on a measure to reauthorize federal grain standards and export inspections.
Chinese importers closed contracts to buy 720,000 metric tons of U.S. soybeans – most of it for new crop – according to a USDA announcement Thursday, signaling the country is calculating the growing tightness of Brazilian supplies and locking in deliveries past September.
President Donald Trump’s suggestion Tuesday that he would be willing to terminate trade deals that permit cattle imports left some aghast at the apparent threat to trade with Canada and Mexico, but U.S. Cattlemen’s Association President Brooke Miller says he’s pleased.