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Balanced Reporting. Trusted Insights.
Thursday, December 01, 2022
U.S. Grains Council President and CEO Ryan LeGrand is optimistic about most markets but frustrated over decrees from Mexico and trade decisions in Colombia.
The Philippines, citing the impact of the Russian invasion of Ukraine on world grain supplies and prices, has reduced its tariff on corn imports from 35% down to 5% and that has opened new opportunities for U.S. corn farmers.
The Biden administration has all but ruled out tariff-slashing market access deals when it comes to its proposed Indo-Pacific Economic Framework, but the U.S. ag sector still hopes the agreement will include a trade pillar that boosts exports to rapidly growing markets that are home to a patchwork of regulatory restrictions and non-tariff trade barriers.
Brazil’s Ministry of Economy announced Tuesday that beginning Wednesday, Brazil will suspend its 18% tariff on ethanol imports for the rest of 2022 in an inflation-cutting effort to reduce fuel prices domestically.
The USDA announced Friday export sales of a whopping 1.36 million metric tons of U.S. new crop corn to China for delivery in the 2021-22 marketing year. The purchase comes amid growing concerns that dryness could stunt Brazil’s second harvest.
The Renewable Fuels Association announced Friday that China imported about 13 million gallons of U.S. ethanol in December, raising hopes that imports from the Asian powerhouse will continue in 2021.
The USDA Tuesday reported a daily export sale of 1.36 million metric tons of U.S. corn for delivery to China in the 2020-21 marketing year, a strong sign that the country’s demand remains robust as it rebuilds its swine herd.
U.S. ethanol and corn groups are irate over Brazil's issuance of a 20% tariff on American ethanol following a breakdown in talks between the two countries.
China is again promising that it has made structural changes to its tariff rate quota system to import corn, wheat and rice, but it’s still not clear if that’s the case as the new deadline approaches for the U.S. to tell the World Trade Organization if it agrees.
