China Trade Deal and China Hog Production Down
From the Ag Information Network, I'm Bob Larson with your Agribusiness Update.
**The forecast is suddenly a bit brighter for U.S. dairy producers as some of the world's largest producers of grains could be headed for bumper crops this year, keeping downward price pressure on key dairy feeds.
According to milkbusiness.com, the Bloomberg Agriculture Subindex dropped to its lowest level in more than four decades as favorable weather weighed on grain prices.
While wet fields throughout much of the heartland still threatens planting delays, doomsayer predictions are starting to dry up.
https://www.milkbusiness.com/article/large-global-harvests-of-corn-and-soybeans-to-weigh-on-prices?mkt/
**The buzz continues that a trade deal with China is imminent.
China's chief negotiator and more than 100 officials are in Washington D.C. this week.
In the meantime, Farm Journal's Jim Weisemeyer tells agweb.com China's leader Xi Jinping will visit the White House next month prior to the G20 Summit in Japan.
He says the White House is currently looking at the second or third week for Xi's June visit.
https://www.agweb.com/article/update-chinas-leader-to-visit-the-white-house-in-june/?mkt/
**China's Ag Ministry says more than 80% of hog farms in China have decided NOT to replenish herds lost to African Swine Fever, leaving a gap in production.
Agrimarketing.com reports, China's hog production has dropped 21% since the first ASF outbreak.
The decline will lead to lower demand for soybean and feed products but will increase demand for pork which accounts for more than 60% of China's meat consumption.
The disease has affected an estimated 150 to 200 million pigs in China alone.
https://www.agrimarketing.com/s/123436
