Trade
Trade seems to be taking a back seat in Washington. From COVID-19 recovery to a focus on climate, other issues are taking priority in the new White House. That’s not stopping ag groups from pushing for key trade deals.
Even though official numbers won’t be released until early next week, U.S. Meat Export Federation says a promising finish to beef exports in 2020 could set the stage for record shipments in 2021.
2020 was a banner year for pork exports. U.S. Meat Export Federation (USMEF) will release the final 2020 data early next week, but USMEF’s CEO says the data will confirm record pork exports last year.
China put a record number of corn purchases on the books to end January, but it’s not just China buying. This week, USDA confirmed China bought more corn from the U.S., a sign demand may be strong across the board.
Whether it’s to fulfill Phase One promised, or an increased need for feed, some say the timing of the record Chinese buys isn’t a coincidence. So, what’s driving the record demand from China?
During U.S. Treasury Secretary Janet Yellen’s confirmation hearing in January, Yellen previewed how the Biden administration may address trade issues with China.
China’s appetite for U.S. corn seems unstoppable. Just this week, daily sales of corn to China added up to a new record.
President Joe Biden’s trade team is coming together, and it looks to be stacked with individuals who were key in crafting the U.S. Mexico Canada Agreement (USMCA).
Corn, wheat and soybeans saw a price pop this week on news China made a big purchase of U.S. corn. USDA confirmed China bought 686,000 MT of corn for delivery to China, 371,000 of which was in purchases of old crop.
As China continues to buy U.S. agricultural commodities, the buying pace may be sustainable even if the Phase One agreement is renegotiated. Agricultural leaders and analysts break down why.