Argentina, the world’s third biggest soy producer, booked its largest purchase of U.S. soybeans in 20 years on Tuesday after drought cut its harvest, forcing crushers there to turn to imports. The surprise move pushed Chicago soybean futures to a one-month high, in the latest development to upend global soy trading after top buyer China last week proposed tariffs on U.S. imports amid an intensifying Washington-Beijing trade dispute.
A worst-in-a-generation drought from stretching across the United States is damaging crops and rural economies and threatening to drive food prices to record levels. Agriculture, though a small part (1.2%) of the 15.5 trillion dollars US economy, had been one of the most resilient industries in the past three years as the country struggled to recover from the recession.
Drought in major soybean producers Brazil and Argentina cut their production more deeply than expected the US government said on Tuesday in a report that drove prices to near their highest since 2008.
The US government announced Tuesday it will begin testing next year for six more kinds of E.coli bacteria in raw ground beef and tenderized steaks in order to boost protection of US consumers.
United States Agriculture Secretary Tom Vilsack and US Trade Representative Ron Kirk announced this week that US producers are now eligible to ship a larger array of US beef and beef products to Chile.
World lemon and orange juice production is set to grow while the crop of tangerines and grapefruits are forecasted to drop according to a citrus trade report from the US Department of Agriculture.
The US Department of Agriculture (USDA) released the monthly World Agriculture Supply and Demand Estimates report projecting US beef, pork, poultry and turkey production to increase across the board in 2011, while also projecting higher prices for livestock and meat products.
US Department of Agriculture attaches in Buenos Aires have warned against upbeat forecasts for Argentina's soybean harvest, saying many farms missed out on crop-reviving rainfall.
Soybeans futures settled at their highest in more than two years on Tuesday after the Agriculture Department, USDA, slashed its forecast for the United States soybean production to 3.375 billion bushels from 3.408 billion bushels the previous month.
Uruguay’s beef exports may rise by 2.6% next year as demand recovers from the global recession, according to a unit of the U.S. Department of Agriculture.