Grain News – India Interested In Increasing US Agricultural Imports
October started out with the announcement of the completion of the Canadian part of the US/Mexico/Canada trade agreement (USMCTA) which sent corn and bean prices sharply higher. Going forward with the completion of NAFTA is the optimism that the upcoming trade negotiations with the EU and Japan will lead to a positive outcome with China.
Export inspections continue to impress at 52.9 million bushels, well above the weekly rate needed to reach USDA’s forecast for the 2018 crop. Through the first four weeks of the new marketing year inspections are up 47%, while USDA forecasts only a 6% increase.
The Commerce Dept indicated that India is interested in increasing US agricultural imports with a new trade deal. India’s government has targeted personal income growth of 15-20% in the years ahead which means that more protein and dietary options are needed. Currently India’s population is 1.342 BILLION people and growing by roughly 15.5 million people per year. India accounts for 17.6% of the world’s population. India will pass China in the next decade as the most populated country and is growing 3x faster than China. If better trade deals are worked out with India and China, the US farmer will have the 2 largest countries and 33% of the world’s population as their biggest customers. That is great market share!
The current weather has pretty much shut down harvest throughout most of the corn belt. On the positive side it has allowed the grain facilities to move out both old and new grain and free up the much-needed space that is going to be needed for this year’s harvest. We at Landmark take pride in the fact that we can get you in and out of our facilities in a timely manner and work with you on closing hours to insure you get the crops in when needed. As always, your Landmark Grain Marketing Specialist are here to help you with all your marketing questions and to add value to your farming operation.
Please be safe out there,