Deere & Co.'s pledge to lower costs and an outlook cut that was less than some investors feared boosted the company's shares as it fights off the effects of a disruptive trade war and a slowing global economy. The world's biggest tractor maker gained the most in seven months, climbing as much as 5.1% after announcing earnings Friday, Aug. 16, to recover some of the losses earlier in the week.
China is stepping up its soybean buying in Brazil as growers in Argentina continue to hoard and the Asian nation avoids American oilseed after an escalation in trade tensions between Washington and Beijing. Private and state-owned companies bought 25 to 30 cargoes of soy from Brazil this week through Thursday, according to people familiar with the matter, who asked not to be identified because the deals are private. That's equivalent to about 1.5 million to 2 million metric tons and is helping push up the premiums buyers need to pay for soy at Brazilian ports.
American farmers already stung by President Donald Trump's trade wars now face billions of dollars in potential losses as controversial data from the U.S. government snuffs out a rally in corn. The Agriculture Department on Monday said farmers planted a bigger corn area than analysts estimated and pegged crop yields that also exceeded expectations, sparking the biggest rout in futures since 2013. That was a blow to growers who were holding back supplies, hoping a rally that started in May due to delayed sowing would extend through the fall.
When you visit a meat plant, humans are completing tasks like stacking pallets and packing chicken drumsticks. But Tyson Foods Inc. thinks robots can do it all.
China probably can't count on Brazil alone to fulfill its soybean needs as the Asian country snubs U.S. supplies amid the yearlong trade war. When President Donald Trump kicked off the tit-for-tat tariff battle last year, Brazil had just finished collecting a bumper crop, allowing the world's biggest soy exporter to almost exclusively meet China's voracious demand. But after shipping record volumes and a growing season that saw weather problems, Brazilian inventories are now dwindling and the next harvest is still months away.
When Xi Jinping first met Donald Trump back in 2017, the Chinese leader said they had "a thousand reasons to make the China-U.S. relationship a success, and not a single reason to break it." Two years on, ties are at their lowest point in decades -- and they appear to be worsening by the day.
China responded to Donald Trump's tariff threat with another escalation of the trade war on Monday, letting the yuan tumble to the weakest level in more than a decade and asking state-owned companies to suspend imports of U.S. agricultural products. The moves are likely to further antagonize Trump, who has criticized Beijing for managing its currency unfairly and failing to keep promises to buy more U.S. crops.
As China turns its back on American ethanol in a lingering trade spat, Brazil is considering opening its doors to U.S. biofuel. Brazilian authorities are debating whether to yield to Washington's request to lift ethanol-import duties as a way of facilitating talks for a bilateral trade deal with the U.S., two people with direct knowledge of the matter said. A broad trade accord would benefit many Brazilian products and may be announced by October.
With or without retaliatory tariffs, Chinese companies will probably show little interest in buying U.S. corn because the jump in Chicago benchmark futures since May has wiped out the price advantage over domestic supplies, according to Yigu Info Consulting Ltd. Commercial firms are not expected to sign deals as "they have no profit from importing U.S. corn," said Feng Lichen, chief analyst at the consulting company. The government also has no interest in buying American corn for stockpiles following an increase in prices after heavy rains and flooding cut U.S.
More than half of the Trump administration's trade-war aid for farmers went to just one-tenth of the recipients in the program, according to an analysis of payments by an environmental organization. Eighty-two farming operations received more than $500,000 each in payments through April under the U.S. Agriculture Department's Market Facilitation Program, according to the Environmental Working Group, which analyzed payment records it obtained through the Freedom of Information Act covering $8.4 billion in payments.