University of Missouri economist Pat Westhoff says Brazil would have to stop exporting to everybody else, and the U.S. take over all of that demand, to make up for the lost shipments to China.
While the revised KORUS trade deal didn't include specific agriculture trade improvements it does paint a promising picture of things to come say farm industry officials.
China is dealing with an outbreak of African swine fever (ASF)—and is taking measures to control the disease, which suggests it could be much more widespread than the country is willing to admit.
Total beef exports were up 16.8 percent year over year in July contributing to a year to date increase of 15.0 percent for the first seven months of the year.
The increase in the overall trade gap was the biggest since March 2015, the Commerce Department said. In the ag sector, government data shows a $682 million decline in soybeans.
South Korea, the 2nd largest buyer of U.S. beef, is enacting further safety measures following the discovery of an atypical case of bovine spongiform encephalopathy (BSE) cow in Florida.
Agriculture, one of the few areas of the U.S. economy that sells more abroad than it buys, will see its trade surplus shrink next year according to USDA's latest agricultural trade forecast.