U.S. Pork to Australia and China Buys U.S. Soybeans
From the Ag Information Network, I'm Bob Larson with your Agribusiness Update.
**Despite significant import restrictions, Australia is currently one of the fastest-growing markets for U.S. pork.
U.S. Meat Export Federation's Joel Haggard says U.S. pork exports to Australia topped 80,000 metric tons last year, a $227.3 million value.
The U.S. also gained significant market share, climbing from 40 to 46 percent of Australia's total pork imports.
Through April of this year, U.S. market share climbed above 50% as exports to Australia increased 37% year-over-year in volume and 21% in value.
**China made a big purchase of U.S. soybeans ahead of the G20 Summit.
The USDA reports the sale was for 544,000 metric tons of beans, a week after the sale of 145,000 metric tons, possibly to China, but listed as unknown destination.
Agprofessional.com reports, the two sides declared a truce following a meeting at the G20, that President Trump says "went far better than expected".
The President agreed not to increase tariffs on China while China agreed to "begin purchasing large amounts of U.S. ag products."
https://www.agprofessional.com/article/china-buys-more-us-soybeans-ahead-g20-summit?mkt/
**Russian President, Vladimir Putin extended his country's ban of dairy imports from the U.S. and the E.U. through 2020.
According to milkbusiness.com, the ban was first instituted in 2014 after the U.S. and EU sanctioned Russia for its invasion of Ukraine following the 2014 Olympics.
Many analysts believe the Russian trade sanctions were the beginning of the five-year downward dairy price spiral, which has only now begun to reverse.
https://www.milkbusiness.com/article/russia-extends-ban-of-us-eu-dairy-products?mkt/
