Estimates of corn and soybean production in Brazil and Argentina remain unchanged from private analytics IEG vantage last monthly report. The firm projected Brazil’s 2018/19 soybean crop at 122 million tons and Argentina’s crop at 56.5 million tons.
President Barack Obama announced an emergency purchase of up to 170 million dollars of meat and fish on Monday on a campaign trip to drought-hit Iowa, and accused Republican vice presidential candidate Paul Ryan of blocking disaster aid to farmers.
Orange-juice futures rebounded from the biggest two-day slump since 2008 on renewed concern that a US government probe of imports from Brazil will tighten supplies. The Food and Drug Administration said it will detain all imports that contain carbendazim, a fungicide that isn’t approved for oranges in the US.
The inability of the United States Congress and the administration to move three stalled free trade agreements is hurting US economic growth, testified American Farm Bureau Federation President Bob Stallman before the House Agriculture Committee.