Trade
While overall pork exports are down, Mexico remains hungry for U.S. pork. Exports to Mexico have been on fire this year, up 24% in March. The latest data from April shows shipments to Mexico remain on a record pace.
Estimates of when new routes will be regular shipping lanes keep advancing. It looks like the long-awaited transpolar shipping route could be a real thing around 2050. John Phipps explains why and the possible impact
Mexico’s duty suspension is likely to benefit European pork and Brazilian poultry, while beef imports remain relatively unchanged.
The U.S.-China trade war began in July 2018 when the Trump administration imposed tariffs on $550 billion worth of Chinese goods. Nearly four years later, the debate remains as to which country actually won.
Higher prices at the grocery store don’t seem to be causing consumers to veer away from the meat counter. Robust meat demand abroad is also setting sail, despite inflation and shipping struggles.
John Phipps says positive or negative, any trade balance has dubious value, and only limited prediction power. Other than bragging rights, they mean little with no economic advantage for having a positive trade balance.
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.
UPDATE: 03/02 4:23 pm-EST-There are reports a missile struck a vessel flying under the flag of Bangladesh in Ukraine.
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.
One result of the pandemic was a spike in savings rates. In the U.S. last April, Americans collectively saved a record 30% of their income. John Phipps looks at China’s savings rate and what it’s meant for exports.
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.
Recent soybean sales have created doubts on just how much China will source. One Ohio State University ag economist says corn, cotton, wheat and pork exports are solid when you compare them to overall commitments.
A phase one trade deal with China is official, clearing the way for America’s chief trade competitor to purchase $80 billion worth of U.S. agricultural goods over the next two years.
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.
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.
The dollar lurched lower on Monday, back towards the one-month lows hit last week when it became clear the Fed was in no hurry to tighten policy.
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.
The top trade officials in the U.S. and China meeting for the first time. The exchange happening virtually. Ambassador Katherine Tai held an introductory virtual meeting with China’s Vice Premier, Liu He.
The U.S will target China with a new “strike force” to combat unfair trade practices, as the administration rolled out findings of a review of U.S. access to critical products, from semiconductors to EV batteries.
Demand for pork and grains is helping propel prices in 2021, and USDA is forecasting it to be a record year.
The National Pork Producers Association (NPPC) is calling on Congress to help fix the shipping container fiasco, which the Association says is causing bottleneck issues, including major shipping delays.
China will issue new rules on the management of price indexes for commodities and services, it said on Thursday as the government steps up scrutiny of the country’s commodity markets and battles to contain inflation.
As analysts keep a close eye on rumored soybeans buys from China late last week, China has issued new rules when it comes to monitoring commodity prices as the country battles to contain inflation.