U.S. beef producers can begin sending fresh and frozen beef to Australia starting today.
USDA confirmed the agreement last week. NCBA says it is a long time coming, noting U.S. beef producers have been locked out of the Australian market for 20 years. During the same time, officials say producers there have sent around $29 billion worth of beef onto U.S. shores.
However, down under, cattle groups say they are not worried. Executives at Cattle Australia say their domestic beef prices are lower than in the United States, largely because their herd is bigger.
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Rich Nelson, a commodity broker for Allendale Inc., joins us to break down what the U.S.-China trade agreement means for the ag economy.
The U.S.-China summit raises hopes for stronger exports and reduced barriers, but U.S. ag players should remain strategically cautious until concrete volumes and certifications materialize.
Global agriculture is stabilizing after years of price swings, with flat to modestly rising returns expected as productivity offsets slower demand growth.
Expect incremental near-term lift for feed grains, proteins, and ethanol as tariff cuts and smoother approvals translate into real orders.
If confirmed, early Chinese buys tighten nearby Gulf/PNW capacity and could bump basis in export-oriented regions.
Trade pacts with Malaysia and Cambodia unlock tariff-free and preferential lanes for key U.S. farm goods, expanding long-term demand in Southeast Asia.
