According to USDA’s latest agricultural trade data, the overall ag trade balance in March was negative. The U.S. ran a trade deficit of $502 million for the month, based on exports of $11.885 billion and imports of $12.386 billion. It is only the sixth time in the past 63 months, but second time in 2020 and the fourth time in the past 12 months.
The trade data come at a particularly significant time as there are commodity surpluses in the U.S., exacerbated by the COVID-19 situation, but also looming food shortages particularly in the protein sector. A number of major retailers are moving to place limits on consumers’ purchases of beef, pork, and poultry, and Brazilian and Australian packers are eyeing the retail shortages as...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
