Trade
The commodity markets came under pressure to start the week as traders tried to shed risk over shipping concerns in China as COVID-19 concerns caused officials to shut down transportation amid a two-pronged lockdown.
Lawmakers introduce a bill to send an energy rebate any month the national average gas price exceeds $4 per gallon for the remainder of 2022.
With the U.S. on the back end of COVID-19 and the conflict between Russia and Ukraine unraveling, USTR Katherine Tai says her office is currently focused on three themes: resilience, sustainability and competition.
Expect Russia’s invasion of Ukraine to dominate the State of the Union address tonight. As for issues affecting agriculture, there may be few details offered, says USDA Secretary Tom Vilsack.
China will buy 40,000 tonnes of pork for its central state reserves this week, in the first round of such stockpiling this year, China Merchandise Reserve Management Center said on Monday.
The top 10 export markets all saw gains in 2021, with six of the 10 (China, Mexico, Canada, South Korea, the Philippines and Colombia) setting new records.
U.S. goods exports to China fell in December, cementing a $45 billion increase in the 2021 U.S.-China trade deficit and a major two-year shortfall in Beijing’s purchase commitments under the “Phase 1" trade deal.
Rep. Garamendi says the USDA partnership with the Port of Oakland “isn’t going to solve the problem” because shippers deliver product to the U.S. and leave ports with empty containers.
High-level talks between the U.S. and China yielded no major outcome Monday night. From human rights issues to crypto mining, leaders talked about a number of issues. Trade was mentioned but was not a priority topic.
China said on Saturday it pressed the United States to eliminate tariffs in talks between the countries’ top trade officials that Washington saw as a test of bilateral engagement between the world’s biggest economies.
“The shirts you and I are wearing today say where they come from, but the beef we put in the center of our plate doesn’t have to bear that label,” Sen. John Thune told Chip Flory on AgriTalk about mandatory COOL.
USDA is out with its new ag export forecast for both this year and next, and it’s showing exports could hit $173.5 billion in 2021, $4 billion more than 2020, due to higher livestock, poultry and dairy exports.
Shipping issues continue to surface. The latest is in China’s Ningbo-Zhoushan container port, which is the third-busiest in the world, and has been partially shut down for six days, with no sign of reopening yet.
U.S. and Chinese officials met face-to-face for high-level talks, and the meeting had a tense tone as the countries remain at odds over issues from cyber security to human rights.
Demand for pork and grains is helping propel prices in 2021, and USDA is forecasting it to be a record year.
Talks between Argentine policymakers and meat industry officials are on track to reach a deal on re-opening exports, officials said, days ahead of the expiration of the government’s month-long suspension of shipments.
Argentine meat producers will intensify talks with the government aimed at lifting the one-month suspension of beef exports that was declared in mid-May, the country’s Agroindustrial Council (CAA) said in a statement.
USTR Katherine Tai on Monday told the European Union’s competition commissioner, Margrethe Vestager, that she has a “strong desire to develop a more positive and productive” trade relationship with the EU.
Farmers for Free Trade wants to see a full implementation of the Phase One trade agreement. A year into the deal, there are still accountability and compliance issues with China.
In a unanimous Senate vote on Wednesday, Katharine Tai was confirmed as the next U.S. Trade Representative. The trade expert was confirmed with a vote of 98-0.
While trade is not a headline of the Biden Administration in the first 100 days, it’s not stopping Katherine Tai from making her voice heard. Tai is now waiting full confirmation vote to put her ideas to work.
Congress got a clearer view of President Biden’s trade agenda this week as the Senate Finance Committee questioned Katherine Tai, Biden’s nominee to serve as the United States Trade Representative.
Biden’s USTR nominee was a key player in the USMCA negotiations, and some think USMCA may be a template for future trade talks, including the possibility of rejoining the Trans-Pacific Partnership (TPP).
Trade seems to be taking a back seat in Washington. From COVID-19 recovery to a focus on climate, other issues are taking priority in the new White House. That’s not stopping ag groups from pushing for key trade deals.
Even though official numbers won’t be released until early next week, U.S. Meat Export Federation says a promising finish to beef exports in 2020 could set the stage for record shipments in 2021.
Whether it’s to fulfill Phase One promised, or an increased need for feed, some say the timing of the record Chinese buys isn’t a coincidence. So, what’s driving the record demand from China?
During U.S. Treasury Secretary Janet Yellen’s confirmation hearing in January, Yellen previewed how the Biden administration may address trade issues with China.
As African swine fever leaves China with a formidable protein gap, Brazilian meat producers have been rewarded with a boom in shipments. Now, that demand burst could start spreading into the U.S.
U.S. beef exports continue to remain strong, according to USMEF. The Federation released its year-end numbers on 2019 export sales last week, and it says beef exports are down slightly from the record year of 2018.
America’s agricultural economy is bracing for yet another hit as Tropical Storm Barry barrels toward Louisiana, with grain elevators, cotton fields and cane crops in its projected path.