Farmers are expected to produce record amounts of meat, milk and major crops this year as the agriculture economy rebounds from 2019’s trade and weather disruptions, but exports are forecast to rise relatively modestly in coming months despite the new trade deal with China, USDA says.
President Donald Trump says he wants a trade agreement with India, but suggested Tuesday that a partial pact will come first, followed by a more comprehensive deal later this year or after the election.
China should be buying wheat, corn and rice from the U.S. as a result of the "phase one" trade deal and tariffs will not hamper those sales, Gregg Doud, chief agricultural negotiator with the office of the U.S. Trade Representative said Friday.
China has committed to buy at least $80 billion in U.S. farm products over the next two years and the country also agreed to sweeping structural changes that promise to improve trade on a more permanent basis for U.S. beef, pork, rice, corn, wheat, soybeans and other commodities.
Federal rules for disclosing biotech food ingredients officially start taking effect Wednesday, but manufacturers and retailers don’t have enough information yet from USDA on how to comply with the regulations, say industry officials.
China has agreed to make significant policy changes to tear down non-tariff barriers to U.S. farm commodities under the trade deal expected to be signed early next year, according to industry sources who were briefed on the pact and government officials with knowledge of the briefing.
There’s no immediate relief in sight for American farmers, as corn stocks remain large and increased demand for U.S. crops remains elusive, ag economist Dan Basse of AgResource told attendees of the American Seed Trade Association conference in Chicago Tuesday.
Net farm income is projected to rise more than 10% this year, but nearly one-third of producer earnings will come from a combination of crop insurance benefits and direct government payments, including the Trump administration's trade assistance.