NASHVILLE, TENN. (RFD-TV) — There are new details on U.S. action in Venezuela and its impact on American agriculture. President Donald Trump says the South American nation is set to purchase several goods from the U.S. in the coming weeks.
In a post to social media, Trump said Venezuela will buy American ag products and will use the money from oil sales to make it happen.
Earlier this week, the White House said Venezuela will soon turn over between 30 and 50 million barrels of oil, shipping it directly to the U.S. From there, Trump says it will be sold at market price.
Aside from farm products, Venezuela will buy other U.S. goods, too, like medicines, medical devices, and infrastructure equipment.
Related Stories
Market analyst Kevin Huddleston said news of trade deals could rebound cotton prices in late fall, and producers need to be ready to strike deals.
Lewis Williamson, from HTS Commodities, joined us to share insights on the farm economy from producers in the field.
Despite tariffs having a less significant impact on exports, corn producers struggle with tariff-related increases on inputs, which complicates their bottom line.
“A government shutdown impacts all Americans and has serious consequences, including for farmers. It just adds additional uncertainty, disrupts critical services.”
Agricultural exports continue to be a key contributor to rural employment. However, rural businesses still struggle to fill numerous job openings.
