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Shining Light on Farm & Food Policy for 20 Years.
Saturday, November 23, 2024
The Department of Agriculture expects U.S. farm exports to hit a record $157 billion for fiscal 2021, an increase of $21 billion over the year before, as the global economy recovers and China increases its already strong demand for U.S. corn, soybeans and meat.
There are new signs of division on the Senate Agriculture Committee when it comes to climate change. The committee’s top Republican, John Boozman, told members of the National Cotton Council Thursday that funding to address climate change could come out of existing farm bill programs.
There were high hopes after the phase one agreement was implemented last February that China would finally overhaul its opaque and sluggish approval process for new agricultural biotech traits, but that optimism has mostly turned to disappointment a year later.
U.S. corn and soybean ending stocks are getting tighter as the Department of Agriculture increased exports in Tuesday’s World Agricultural Supply and Demand Estimates report.
House committees begin voting starting today on the first provisions in the massive $1.9 trillion coronavirus aid package President Joe Biden is pushing to pass. The House Agriculture Committee is scheduled to meet Wednesday to approve its portion of the package.
The U.S. exported $26.4 billion worth of agricultural goods to China in calendar year 2020, setting a new record, according to the latest USDA trade numbers that came out Friday.
Farm earnings are broadly expected to ease this year, although USDA's latest farm income forecast projects skyrocketing prices for key commodities will help offset a steep drop in government payments and increases in production costs.
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.
China is emptying out U.S. corn and soybean supplies, helping make the 2020-21 marketing year a success for American farmers. That’s ramping up the pressure on the Biden administration to work out a sustainable trading connection between the countries even as the political relationship remains fraught.
China made another massive purchase of U.S. corn Friday, pushing the total commitments by Chinese importers this week to about 5.5 million metric tons and sparking new optimism that U.S. exports could break a record for the 2020-21 marketing year.
