Ag trade deficit tops $15 billion with four months to go – July 9, 2024

Ag trade deficit tops $15 billion with four months to go

The U.S. agricultural trade deficit was a record $17 billion in fiscal year 2023 and is certain to break records again this year, according to preliminary federal data released on Monday. The cumulative deficit totaled
$15.2 billion at the end of May, with four months remaining in fiscal year 2024.

Republicans back massive deportations, call for tariffs to protect farmers

Republican delegates approved a Trump-backed party platform on Monday that endorses “baseline tariffs” on imports and more stringent trade relations with China in the name of protecting U.S. farmers, workers, and industries from unfair trade. The 16-page document also called for “the largest deportation operation in American history,” aimed at undocumented immigrants.


Thirteen months in a row: June was the 13th month in a row of record-high global temperatures and the 12th with temperatures that were 1.5 degrees Celsius warmer than before the industrial era. (Associated Press)

Climate-adapted crops: The Food and Agriculture Organization and the international research center CIMMYT will work together to promote diverse, nutritious, and climate-adapted crops grown in healthy soils. (FAO)

Lowest price since 2020: Futures prices for corn and soybeans fell to their lowest level in four years at Chicago exchanges on Monday, with corn dropping below $4 a bushel due to the strong dollar and healthy crop conditions. (Reuters)

Strong beef exports: U.S. beef exports totaled $902 million during May, the highest monthly total in a year, thanks to large sales to Japan, Mexico, and Taiwan; the three markets accounted for 37 percent of purchases. (U.S. Meat Export Federation)

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