Bayer Cuts and U.S. Beef to Morocco
**Growing world populations accompanied by rising demand for food translate into "rosy" long-term prospects for U.S. farmers, but growers will have to make it through the current farm economy downturn first, seriously tested by current trade wars.
That's according to ag economist Dan Basse who told Agri-Pulse he predicts the U.S. net farm income would be depressed into 2027.
Basse, with the AgResource Company, says he's not overly impressed by the "handshake deal" recently reached between President Trump and China's Xi Jinping, calling details "very foggy."
**Bayer plans to slash thousands of jobs as part of a corporate overhaul following its acquisition of Monsanto.
The chemicals and pharmaceuticals group said it would cut 12,000 jobs out of its global workforce of 118,000 by the end of 2021.
Agrimarketing.com reports, more than 4,000 jobs will go at the company's crop sciences division, a consequence of its acquisition of Monsanto earlier this year.
To gain regulatory approval for the deal, Bayer agreed to sell assets including its seed business and some herbicide brands.
**Trade Representative Robert Lighthizer and Ag Secretary Sonny Perdue announced the government of Morocco has agreed to allow imports of U.S. beef and beef products into the African nation.
Agwired.com reports, 2018 is the first year U.S. beef and poultry exporters have access to Morocco's market under the U.S.-Morocco Free Trade Agreement. Morocco opened its market to U.S. poultry in August.