China Allows Imports Of US Rice For The First Time Ever As An Olive Branch In Trade War
China’s Ministry of Commerce has given the green light to import US origin rice as a “goodwill gesture” to the Trump Administration amid the ongoing Trade War between the two countries. This would be the first time ever that China has approved imports of rice from the US. US rice exports are not competitive to China, compared to nearby South Asian exports, but is seen as a sign that trade tensions may be easing instead of escalating. US rice imports will still be subject to a 25% retaliatory tariff enacted by Beijing back in July, before imports were even allowed. So long as the grain meets Chinese quality standards, exports of brown, polished, and crushed rice are approved immediately.
Southern Brazil Sees Some Precipitation But Will Need More To Relieve Soybeans
Despite some recent showers in the south-central portion of Brazil, many of the top growing states are moisture deficient following several weeks of hot and dry weather. Mato Grosso, the largest soy producing state in Brazil, is reported to be 1.97 inches of rain below the average for this time of the year. Parana, the second largest producer, is around 0.79 inches below average and no significant rains are forecast for the region until the first week of January. In total, 5 Brazilian states representing two-thirds of total soy production have had below average rainfall this growing season. Bartolomeu Braz, the head of the Brazilian grain producers association Aprosoja claims that yields may be slashed by as much as 30%.
Winter Storms Continue In The Northern Midwest
The National Weather Service warns that severe winter weather will continue in the Northern Plains and the northern portion of the Midwest today and into the weekend. Several counties in South Dakota still are under a blizzard warning this morning. Snow is expected to stop today but wind gusts could reach as high as 45 mph in some areas. Further east, central and S Minnesota are under a winter storm warning, with the forecast calling for freezing rain and winds up to 40 mph that may blow snow around and make travel hazardous.
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