The U.S. Department of Agriculture (USDA) announced details of its policy of providing about $16 billion in aid to American farmers to compensate them for losses in trade disputes.
Corn and soybeans are the most profitable crops for American farmers each year. Although many farmers rotate these two crops every season, the ongoing trade dispute with China has even affected the farmers' conventional decision to plant this spring.
President Trump's announcement that a trade agreement between the United States and China could be reached within four weeks came as Reuters quoted two sources as saying that approval of new GM crops remained a difficult issue between the two countries.
IBM has won a major contract with China’s $34 billion food and agriculture company COFCO to establish and roll out a range of SAP systems for the company’s “overseas agriculture business platform”, COFCO International (CIL).
For farmers like Kremer who have benefited from China's demand for U.S. soybeans, an already weak agricultural sector coupled with the ongoing trade frictions between the United States and China have added to their financial woes.
Soybean acres in Canada are poised to drop for the second straight year as farmers shift acres to more profitable crops. In addition to the price concerns, some growers are also worried that demand for the nation’s supplies will wither if China and the U.S. eventually strike a trade deal.
The species' dominance could change if markets become unavailable because of shifts in global seafood processing and distribution due to an escalating international trade war.
Weather problems and a crippling trade war with China had significant impacts on farmers’ profit margins, and heading into 2019 producers are concerned about profitability, according to an informal survey conducted by the University of Arkansas Cooperative Extension Service.
U.S. Treasury Secretary Steven Mnuchin said on Wednesday he hopes for “productive” trade meetings in China this week, as the two countries seek to hammer out an agreement amid a festering dispute that has seen both level tariffs at each other.