Alabama FB Innovation Finalists and U.S. to Press China on Phase One
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The American Farm Bureau Federation, in partnership with Farm Credit, announced the 10 semi-finalist teams in the 2022 Farm Bureau Ag Innovation Challenge, including two Alabama companies, Caravan Tech and CHONEX Nutrient Recycling Technologies.
According to www.alfafarmers.org, this is the eighth year of the Challenge, which was the first national competition focused on rural entrepreneurs launching food and agriculture businesses.
www.alfafarmers.org/two-alabama-companies-advance-in-national-ag-innovation-challenge/
**Agriculture and construction manufacturers are upbeat about continuing economic recovery.
A second-quarter 2021-member survey from the Association of Equipment Manufacturers showed optimism remains as strong as it did in the first quarter.
AEM director of market intelligence, Benjamin Duyck (Duck) says about 76% of the Q2 survey respondents reported growth compared to the previous quarter. An even-stronger 87% reported growth compared to the previous year.
90% think that growth will continue during the next 12 months.
**The United States will press China to live up to its commitments in the “phase one” agreement, but U.S. trade representative Katherine Tai tells www.agriculture.com, agricultural trade is an “unpredictable sector” given Chinese willingness to intervene.
China is forecast to buy record amounts of U.S. farm and food exports this year, over $40-billion under phase one.
Volatile exports to China plunged to $9.2 billion in 2018 after the trade war started, but soared to $26.4 billion in 2020 after phase one was signed.
www.agriculture.com/news/business/agriculture-is-unpredictable-sector-in-sino-us-trade-says-tai
