U.S. data vital to global grain and soybean trading has gone dark during the country’s federal government shutdown, leaving commodity traders and farmers without crop production estimates, export sales data and market reports during the peak of the autumn harvest.
The Trump administration is expected to announce a plan as soon as Tuesday to bail out U.S. farmers stung by trade disputes and big harvests, with the initial outlay potentially totaling up to $15 billion (C$20.9 billion), according to sources familiar with the matter.
U.S. Treasury Secretary Scott Bessent said on Thursday the federal government would support American farmers in light of China’s refusal to buy U.S. soybeans amidst a trade war between the countries.
The U.S. Department of Agriculture is developing a plan to revitalize the decimated U.S. beef herd, but will not offer payments to producers, Agriculture Secretary Brooke Rollins said on Thursday.
Senior Chinese trade negotiator Li Chenggang met political and business leaders from the U.S. Midwest. Analysts speculate the region’s food exports will be key to any U.S.-China trade deal.
The Trump administration is drawing up plans to use tariff revenue to fund a program to support U.S. farmers, the Financial Times reported on Thursday, citing agriculture secretary Brooke Rollins.
The U.S. Department of Agriculture is working with Congress to evaluate whether economic aid might be needed for the nation’s farmers this fall amid trade disputes and record-high yields, Agriculture Secretary Brooke Rollins said on Monday.
High levels of fungal disease like tar spot and southern rust are lurking in corn fields across the U.S. Midwest, threatening to reduce yields of a record-large crop and cause headaches for farmers during the autumn harvest.