Ag News: China Buys U.S. Soy
**China is reportedly making its first buy of U.S. soybeans since the trade truce was declared.
According to agweb.com, Chinese state-owned companies bought at least 500,000 tons of U.S. soybeans.
That, plus an earlier statement by President Trump sent soybeans soaring. The President told Reuters , "They're buying tremendous amounts of soybeans. They're back in the market, and they're buying tremendous amounts of soybeans.”
**The Farm Credit Administration received a quarterly report on economic issues affecting agriculture.
According to the report, USDA forecasts an 8-percent drop in net cash farm income in 2018. Although favorable economic conditions continue to support domestic and foreign demand for agricultural products, increasing production costs have cut into net income levels.
Also, trade policy remains unsettled, especially with China, adding price uncertainty for producers.
Marketing opportunities for cash grains could be limited in early 2019, putting continued financial pressure on corn and soybean producers.
**House Ag Committee chairman, Representative Mike Conaway says passage of the 2018 Farm Bill is a “big deal for rural America.”
After the House voted 386-47 to pass the conference report and send the bill to the president, the Texas Republican spoke about the importance of it and how pleased he was to be able to complete a farm bill as chairman saying ‘it is a big deal and a good Christmas present for each and every person in rural America.’