U.S. Farm-Export Prices Drop Most Since 2011
Source: Bloomberg
By Jeff Kearns
August 14, 2018, 5:30 AM PDT Updated on August 14, 2018, 5:52 AM PDT
Prices for U.S. farm exports dropped in July by the most in more than six years as a trade war with China heated up, Labor Department figures showed Tuesday.
Agricultural export prices fell 5.3 percent from the prior month, the biggest drop since October 2011, as soybean prices plummeted 14.1 percent. Export prices for corn, wheat, fruits and nuts also slumped in July. The overall export price index dropped 0.5 percent, the most since May 2017, the department said. The figures exclude the price effect from any tariffs.
China in July slapped 25 percent tariffs on American soybeans and also targeted other farm goods in retaliation for U.S. duties on a range of merchandise. The worlds biggest buyer of soybeans has shunned U.S. supplies amid the escalating trade conflict, threatening to curb exports after the harvest.
The report also showed that import prices were unchanged from the previous month, matching the median estimate of economists. Prices were up 4.8 percent from a year earlier, the biggest advance since 2012, driven by a 40.7 percent rise in fuel import prices.
Read more: https://www.bloomberg.com/news/articles/2018-08-14/u-s-farm-export-prices-plunge-most-since-2011-amid-trade-war
Historic NY
(37,449 posts)marble falls
(57,077 posts)bearsfootball516
(6,377 posts)"Farmers will get hurt, but they'll be fine"
Achilleaze
(15,543 posts)Is this another way to weaken America that the kremlin put you up to?
marble falls
(57,077 posts)Wellstone ruled
(34,661 posts)Happened to drive by one of the largest Ethanol Plants in Southern Minnesota three days ago,only the Watchman on duty. This Plant used to operate 24/7. Local Farmers are screaming about how their daily cash price for Corn and Beans is in free fall.
Apparently the China orders have been filled and at the ports. Notice the Local Shortline Railroad is using their trackage as storage for Grain Hoppers that are the property of the Class 1 Railroads.
Something is up in a big way. This is one of the busiest Grain hauling Shortline's in the Midwest.