Study: Trade War to Hurt US Farmers
October 16, 2024
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📊 Study Warns: Tariff-Induced Trade War Could Harm US Farmers
A new economic study commissioned by the National Corn Growers Association and the American Soybean Association highlights the potential negative impact of a US-China trade war on US farmers. The study predicts:
US soybean exports to China could plummet by 52%, while corn exports could decline by 84%. 🌱
Brazil and Argentina are poised to benefit by capturing the lost market share as they compete with US exports.
Both the Trump and Harris campaigns are considering tariffs to combat China's alleged unfair trade practices. Click HERE for the press release and HERE for the study details.
🌱 NOPA Releases Record Soybean Crush Data
The National Oilseed Processors Association (NOPA) reported that:
The US soybean crush for September reached 177.3 million bushels, marking a record high for the month and up 12.2% from August and 7.2% from September 2023. 🎉
Soybean oil stocks dropped to 1.07 billion pounds, the lowest since November 2014.
🇧🇷 Brazil's Soybean Crop Expected to Soar
According to Conab (Brazil's version of USDA), Brazil's soybean crop is projected to reach a record 166.1 million metric tons, reflecting a 12.7% increase from last season. Despite some delays in planting due to dry conditions, soybean acreage is expected to grow by 2.8%, the smallest increase in six years. 🌾
🚜 US Soybean and Corn Harvests Progressing Rapidly
US farmers are making significant headway in their harvests:
67% of the US soybean crop has been harvested, compared to 47% the prior week and 51% on average.
The US corn crop is 47% harvested, ahead of the 30% the previous week and in line with averages.
States like Arkansas, Iowa, and Minnesota have led the way with over 70% of their soybean crop harvested. 🌽
🌾 US Winter Wheat Planting Slightly Behind Schedule
Winter wheat planting is at 64% nationally, just behind the 66% average. The crop is 35% emerged, showing good progress compared to the 25% from the previous week.
📦 US Soybean and Corn Shipments Disappointing
USDA reported that:
1.6 million metric tons of soybeans were inspected for export, down 3.1% from last week and 25% from the same week last year.
Corn shipments were even lower than expected, at 430,323 metric tons, a drop of 55% from the previous week.
📦 Flash Sales Announced
US exporters secured multiple flash sales on Tuesday:
131,000 metric tons of soybeans were sold to China for the 2024/2025 marketing year.
120,000 metric tons of soft red winter wheat were sold to Mexico for the same delivery period.
Stay tuned for more updates as the market continues to evolve! 📈✨
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