Articles Tagged with ''soybeans''

China is still battling to contain coronavirus infections, but the U.S. ag sector is taking heart in signs that industry there is coming back to life in time for trade to resume under the “phase one” trade deal.

Farmers across the Corn Belt and northern Plains along with producers in California, western Texas, and the lower Mississippi River Valley have been the biggest beneficiaries of the Trump administration’s Market Facilitation Program over the past year, according to data obtained by Agri-Pulse.

The historic “phase one” trade deal with China will boost American ag trade with the country, but it’s not likely to have a major impact on overall U.S. trade at a time when the farm sector here is increasingly dependent on international sales, USDA Chief Economist Robert Johansson tells Agri-Pulse.

China has begun making policy changes and will soon be accepting applications for tariff exemptions as part of its agreements under the phase one trade pact with the U.S., the Trump administration announced Tuesday.

Farmers are expected to produce record amounts of meat, milk and major crops this year as the agriculture economy rebounds from 2019’s trade and weather disruptions, but exports are forecast to rise relatively modestly in coming months despite the new trade deal with China, USDA says.

China’s Finance Ministry announced Thursday that on Feb. 14 it will cut tariff rates on $75 billion worth of U.S. products, including some ag commodities such as soybeans, chicken, pork, oranges and asparagus, but the impact is expected to be minimal.

A long-time veteran of the soybean industry has been selected to lead the Illinois Soybean Association.

The top trade official in the United States says he is aware of reports about the impact of the coronavirus on China's ability to fulfill commitments made during recent trade negotiations but has yet to formally hear from his counterparts there. 

The biodiesel industry wants to substantially increase its production in the next decade, but industry officials say that growth will require both new and existing feedstocks as well as consistent, long-term government support through the biodiesel tax credit and annual biofuel usage mandates.

China has committed to buy at least $80 billion in U.S. farm products over the next two years and the country also agreed to sweeping structural changes that promise to improve trade on a more permanent basis for U.S. beef, pork, rice, corn, wheat, soybeans and other commodities.