Soybeans and Corn Tread Water as US-China Trade Talks Lack Substantial Progress
Following a trip to China two weeks ago by the American trade negotiation team, there has been little news regarding any positive progress being made regarding the Trade War between China and the US. It has been suspected that China has bought more cargoes of US origin soybeans but it has not been confirmed due to the government shutdown causing USDA export sales reporting to be postponed. Later this month, Chinese Vice Premier Liu He, who has been leading China’s trade negotiations, will travel to Washington, D.C. for another round of talks. Last week, China stated that they would seek to eliminate its trade surplus with the United States by 2024, although the proposal does not seem to be taken seriously by markets.
China and Brazilian Chicken Exporters Reach Deal To End Anti-Dumping Case
The Chinese Ministry of Commerce has agreed to a deal proposed by Brazilian chicken exporters to a resolve an anti-dumping probe initiated by China in August 2017. The new deal will set minimum prices for sales of chicken into China in order to avoid anti-dumping duties and will go into place on Feb 18. Brazilian chicken exporter BRF saw their shares rise by 1.8% to 24.49 reais on the news. The Brazilian meat organization ABPA has not yet seen the final decision by the Chinese Ministry of Commerce.
Winter Storms Cover Much of Midwest With Snow, More to Come
A winter storm pattern has covered much of the central United States, from E Colorado though to the Great Lakes region and beyond. Counties in N Illinois, E Iowa, and S Wisconsin are currently under winter storm warnings by the National Weather Service. Snow accumulations in these areas could total 8 inches and see a glaze of ice on top. Further to west, N Kansas and Nebraska are expecting about an inch of snow, followed by freezing rain that may make roads slick and travel hazardous.
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