ERS Livestock, Dairy, and Poultry Outlook-- 
USDA is forecasting record milk and animal protein production in 2019
ERS Livestock, Dairy, and Poultry Outlook-- USDA is forecasting record milk and animal protein production in 2019

From News Reports


March 1 is the deadline for China and the U.S. to renegotiate trade deals but President Trump tweeted Sunday night that he would hold off on raising tariffs on $200 billion in Chinese goods after March 1, giving officials from Washington and Beijing more time to work out negotiations.

Over the weekend, Secretary of Agriculture Sonny Perdue announced Beijing has agreed to purchase another 10 million metric tons of U.S. soybeans and eluded that more good news might be forthcoming. 

The president says if China and the U.S. keep making progress, a summit meeting with Chinese President Xi Jinping will be held at Trump’s Mar-a-Lago club “to conclude an agreement.”

“If all works well we’re going to have some very big news over the next week or two,” Trump said in remarks Sunday evening to governors in town for their winter meeting.

Why is so much pressure being put on trade with China? The Department of Agriculture is projecting a $1.9 billion drop in exports this year and that is being led by a decline in trade with China. While talks remain ongoing between China and the United States, USDA during its 95th annual Agricultural Outlook Forum predicted 2019 fiscal year exports at $141.5 billion. USDA Chief Economist Robert Johansson told attendees China is expected to fall from the top market for U.S. exports in 2017, to the fifth largest market in 2019, pending the outcome of trade talks. The U.S. so far in 2019 has exported 13.5 million metric tons less of soybeans than the same time last year, according to Reuters. Meanwhile, USDA is forecasting record milk and animal protein production. USDA also predicts soybean plantings will decline this year as corn plantings increase. Corn plantings for the year are predicted at 92 million acres, up 3.3 percent from 2018, and soybean plantings are predicted at 85 million acres, down 4.7 percent from last year.