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Shining Light on Farm & Food Policy for 20 Years.
Monday, December 23, 2024
The positive reception that biotech wheat has received in Argentina is being closely watched in the U.S., but experts say any genetically engineered variety faces a long road to approval here.
The USDA’s Economic Research Service on Thursday lowered its forecast for U.S. agricultural exports in fiscal year 2024 to $169.5 billion. That’s down $2.5 billion from USDA’s previous forecast in August and down $9.2 billion from exports in FY 2023.
The U.S. pork industry wants to see a return of the Generalized System of Preferences trade program, which expired in 2020, seeing it as key to gaining new access to markets in countries like Thailand and the Philippines.
Much larger corn crops in Argentina and the U.S. will be driving down global prices and spurring international trade in the 2023-24 marketing year, USDA said Friday.
The USDA slashed its forecast for Argentina’s corn and soybean production in response to widespread drought and raised its prediction for Chinese wheat imports in its April World Agricultural Supply and Demands Estimate.
Drought is taking a higher-than-expected toll on Argentina’s corn and soybean farmers, according to the USDA, which cut production and export forecasts Wednesday for the South American country.
History may be in the making now that USDA has raised its forecast for Brazilian corn exports to 50 million metric tons for the 2022-23 marketing year. That would push Brazil past the U.S., the long-established world leader in corn exports, which is expected to ship 48.9 million tons to foreign buyers.
China’s demand for corn remains strong and the U.S. continues to ship millions of tons of the grain there, but Brazil is chipping away at that trade and the South American ag giant shows no sign of slowing its advance.
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