Russia, China Pose Challenges for U.S. Agriculture

U.S. Agriculture faces energy and trade challenges amid continuing developments with Russia and China.

The U.S. imported more oil and oil products from Russia last year than Saudi Arabia—not good for energy-intensive U.S. Agriculture, if Russia restricts oil exports in response to U.S. sanctions over Ukraine.

Ag Senator Chuck Grassley argues gas prices will continue to soar, unless President Biden reverses moves to restrict U.S. production. “Reinstitute the XL Pipeline, allow drilling on the North Slope of Alaska, offshore Alaska, offshore Gulf, offshore Atlantic, allow drilling on public lands, and take the restrictions off of fracking—and E15, year-round.”

The White House is reportedly considering, instead, releasing more oil from the Strategic Petroleum Reserve and an apparently moribund idea for a gas tax holiday that would further reduce highway revenues.

Separately, China has fallen $16 billion short on its Phase I trade deal commitments to buy more US Ag goods. But Grassley is wary about sanctions to force China’s compliance. “I don’t care about penalties, I just care that China makes up the loss of the 16 billion, and whatever more tens of billions that they didn’t of manufacturing and energy.”

Several House Republicans urged President Biden, USDA Secretary Tom Vilsack and U.S. Trade Representative Katherine Tai to fix the trade imbalance, enforce the Phase I deal and seek damages from China.

Related articles

Tuesday, November 29th, 2022 Video and Audio Program

On today's show, Jesse Allen is broadcasting live from the Tar Spot Summit hosted by AgReliant Genetics. We learn about some of the latest research into Tar Spot with Dr. Marty Chilvers of Michigan...

Monday, November 29th, 2022 Video and Audio Program

On Monday, we saw a mixed trade to start the week with soybeans higher and wheat under pressure. We discuss the market moves with John Heinberg of Total Farm Marketing. Learn more at Also,...

Biden Asks Congress to Help Avert Potential Rail Strike

On Monday, President Joe Biden issued a statement which called on Congress to step in and avert a potentially devastating U.S. rail strike. The strike, which could happen as early as December 9th, would...

U.S. Threatens Legal Action over Mexico’s GMO Corn Ban

During a meeting on Monday between Ag Secretary Tom Vilsack and Mexican President Andres Manuel Lopez Obrador, Vilsack mentioned that legal action against Mexico’s GMO corn ban in 2024 was on the table. Read more...

EPA Expected to Propose RFS Targets This Week

The Environmental Protection Agency this week is expected to finally propose renewable fuel volumes for 2023 and beyond, following months of delays. EPA has until Wednesday to propose RFS volumes under a consent decree with...

Latest articles

%d bloggers like this: