A blog post this week from USDA Chief Economist Rob Johansson outlines several factors that have been impacting U.S. agriculture, including global overproduction of several commodities.
He also notes the recent rise in Chinese purchase of several U.S. ag commodities, but does not delve into recent USDA WASDE outlooks that did not appear to acknowledge what he points out relative to China “signaling” they will go beyond their corn tariff-rate quota (TRQ), for example.
But a portion of the woes facing U.S. agriculture now were fostered in party global overproduction of several commodities over the 2014-2018 period.