USTR Files Dispute Settlement with Mexico and Ag Exports Forecast Down
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The U.S. Trade Representative’s Office says it is filing a dispute settlement under the U.S.-Mexico-Canada Agreement in response to Mexico’s ban on biotech corn for human consumption.
The National Corn Growers Association is praising the development.
NCGA President Tom Haag (HAYG) says, Mexico’s actions, not based on sound science, have threatened the financial well-being of corn growers and rural communities.
Tai says Mexico’s measures are inconsistent with several of its obligations.
**A new CoBank report says grain merchandisers have endured rising costs of storing or carrying grain and oilseed inventories over the past year because of rising interest rates.
Higher crop prices and rising operating costs like transportation, insurance, fuel, electricity, and labor are also squeezing grain elevators.
CoBank forecasts the financial cost of carry will reach record highs in the upcoming 2023-2024 crop year for corn, wheat, and soybeans.
**The USDA says America’s agricultural exports in fiscal year 2023 are forecast at $181 billion, down $3.5 billion from the February forecast.
The revision is driven by decreases in corn, wheat, beef, and poultry exports.
Exports forecast to drop are corn at $2.1 billion, livestock, poultry, and dairy exports at $1.2 billion, and wheat at $900 million.
Soybean exports are projected to be up $300 million, as is cotton at $6 billion.
