Farmers are expected to plant more corn, soybeans, and wheat acres than last year, but official estimates from a USDA report released Wednesday came in below trade expectations, which sent futures prices soaring.
The U.S. and European Union remain at odds over major trade issues, but leaders announced a new age of cooperation Tuesday, and U.S. farmers stand to benefit if leaders can follow through on the goodwill expressed in Brussels this week.
USDA is using a new round of coronavirus relief funding to help farmers who serve local markets and socially disadvantaged producers. Food banks also will benefit from the $1 billion in funding that USDA is allocating.
U.S. Trade Representative Katherine Tai spoke with China’s top trade official Wednesday night in an “introductory virtual meeting” as the Chinese continue to make big purchases of U.S. agricultural commodities and the U.S. farm sector counts on strong trade to continue.
The Agriculture Department this morning is releasing the strategy it will follow in re-shaping programs and policies to help more farmers shift into “climate-smart” practices and to make money from doing so.
China is buying unprecedented levels of U.S. corn, and much of that demand comes from the country’s race to modernize its pork production – a mission that’s expected to sustain a long-term increased reliance on grain and oilseed imports, according to U.S. government and industry officials.