American farmers are worried that President-elect Donald Trump’s sweeping tariff plans will curb their access to top soy buyer China, but tariffs could also lure companies to build more U.S. crushing plants, hungry for domestic supplies.
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U.S. food and ag sales to Mexico surged by 7% during the 2024 fiscal year, making the North American neighbor the No. 1 ag export customer, according to Census Bureau data tracked by the USDA. China, the leader since the end of the Sino-U.S. trade war, fell to third place, behind Canada, in export purchases.
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United States corn and soybean farmers could lose billions of dollars in annual production value in the event of a potential new tariff-induced US-China trade war, according to a new economic study commissioned by the American Soybean Association and the National Corn Growers Association and conducted by the World Agricultural Economic and Environmental Services.
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With the U.S. rice industry exporting about half its annual crop, market development is vitally important. Trade missions, trade servicing, and fostering relationships are a primary function of USA Rice’s international team.
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Greenfield Louisiana LLC said Tuesday it was “halting” its $800 million Wallace Grain Export Facility, which it started in 2021. The company cited continued delays in permitting from the U.S. Army Corps of Engineers, which must sign off on any proposal that involves construction near the Mississippi River levee.
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The ongoing dispute with Mexico over genetically engineered corn has been a significant issue for some time.
U.S. Trade Representative Ambassador Doug McKalip reaffirmed the U.S. commitment to resolving the issue, expecting a decision this fall. The dispute began after Mexico’s plan to block genetically engineered corn imports triggered concerns among U.S. corn growers. McKalip emphasized the broader impact on ag trade saying, “We cannot allow trading partners to play loose with the science.”
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China is facing an oversupply of soybeans as record high purchases boost stockpiles at a time when animal feed demand remains subdued, with prices of products such as soyoil and soymeal set to sink even lower.
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Clay Higgins and Troy Carter, congressmen from opposite sides of the aisle, have introduced a new bill that would give the Food and Drug Administration authority to destroy imported products that pose a significant public health concern, specifically contaminated seafood, the pair said in a release Thursday.
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After decades of substantial U.S. agricultural trade surpluses, staggering agricultural trade deficits over the past two years have caught the nation’s attention. For fiscal year 2024 (October 2023 – September 2024), USDA’s Economic Research Service estimates that there will be a record $32 billion agricultural trade deficit.
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Trade is important to Louisiana agriculture. The Louisiana Commissioner of Ag recently visited Cuba, scouting it as a possible destination for Louisiana poultry and rice.
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U.S. Agriculture Secretary Tom Vilsack implied that China may be favoring Brazilian corn and soybeans partly in retaliation against recent restrictions on ownership of American farmland.
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On March 26, a container ship rammed into Baltimore’s Francis Scott Key Bridge resulting in the structure’s collapse and the tragic loss of six construction workers. Aside from the everlasting impacts to the families that lost loved ones, the destroyed bridge has physically cut off key coal, container and automobile terminals at the Port of Baltimore from the outside world. In 2021, the port’s terminals processed over 37 million short tons of combined import and export product. This ranks the Port of Baltimore 17th in terms of cargo throughput in the United States.
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U.S. Soy complex exports (whole soybean, soybean meal and soybean oil) added $39.8 billion[1] to the U.S. economy in marketing year (MY) 22/23 on a volume of 67.6 million metric tons (MMT). The shining star: U.S. soybean meal exports broke records for both volume and value at 13.2 MMT and $6.91 billion, respectively.
“U.S. Soy exports in marketing year 22/23 were nothing short of extraordinary. A standout achievement was the record-breaking performance of soybean meal exports, reaching unprecedented volume and value levels,” said Steve Reinhard, United Soybean Board Chair and Ohio farmer.
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Your immediate concern for 2024 may be whether soil moisture fully recharges in your area before spring. However, another far-reaching impact from the drought occurring thousands of miles from your farm could also influence grain prices. Lack of moisture also affects transportation options and costs for grain headed for export.
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The Port of New Orleans (Port NOLA) will receive $73.77 million from the federal government to assist in building the Louisiana International Terminal (LIT) project, which will provide an efficient gateway for the movement of cargo on the Mississippi River and the inland waterways of the United States.
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