News on the trade front is getting better for U.S. pork producers as the Trump administration announced that it wants to negotiate trade agreements with the European Union, Japan and the United Kingdom.
The USDA’s estimates of Sept. 1 grains stocks pressured the price for both corn and soybeans much higher than expected. University of Illinois agricultural economist Todd Hubbs shares his weekly outlook.
The pork outlook looked bleak in August. Fear of large pork supplies and Mexican and Chinese tariffs appeared disastrous. The outlook is still suggesting losses this fall and winter but much less than thought in August.
Agricultural economists shared their forecast prices for the next several quarters following the Sept. 27 announcement of the September 2018 Quarterly Hogs and Pigs Report in a teleconference funded by the Pork Checkoff.
The numbers came in as economists expected in the September Quarterly Hogs and Pigs Report. According to USDA’s inventory of all hogs and pigs on Sept. 1, 2018, total inventory was 75.5 million, up 3% from a year ago.
U.S. tariffs on auto imports likely would prompt retaliation from American agriculture’s biggest trading partners, leading to financial harm to farmers, warned NPPC in comments to the Senate Committee on Finance.