|
GLICKMAN CHINA REPORT
Secretary Glickman reported to a group of aggies on his trip to
China with the four Congressmen and the North Dakota Governor. His message was not especially startling.
Cong. Dicks and the Oregon Congressman have come out strongly for PNTR and the other two seem more favorable although they have not declared.Glickman mentioned how teams in China are working on changing regs to get
ready for the WTO. The Secretary also mentioned the growing Shanghai Stock Exchange and the very positive influence ot American companies operating in China. Another interesting observation was that China will
want to continue to be largely self sufficient, but it also will be moving from being an agrarian society, and we can help them in that regard. China likes US products, and the market will grow. China is more favorably
disposed toward GMO, and they have planted some GMO crops. It was clear that there is a heavy focus on PNTR in China, and it is also clear that the US will be passed by if we do not approve PNTR. Clinton will be making
a major speech shortly and will be meeting with farm broadcasters on monday. Cabinet Officials are also spending a lot of time on this issue. GREENSPAN, FORD, CARTER AND BUSH PUBLICLY SUPPORT PNTR FOR CHINA
According to newswire
sources, Federal Reserve Chairman Alan Greenspan has professed his support of awarding China permanent NTR status. In an open letter to the House Banking Committee, Greenspan reportedly urged Congress to approve
permanent NTR saying, "China's progress toward prosperity and accession into the WTO will create new opportunities for American businesses and farmers". Furthermore, sources indicate Greenspan said
China's addition to the world market would raise living standards for China and its partners and suggested that China's entry into the WTO would eventually lead to more freedom for its citizens.Meanwhile, three
former US presidents took a united stand for the approval of permanent NTR status with China. Ex-presidents Ford, Carter and Bush authored a two-page letter in hopes to bolster the Clinton Administration's push to
grant permanent NTR with China. According to a newswire source, the letter stated, "The agreement to bring China into the WTO is the product of more than 13 years of tough negotiations conducted by four
administrations, Democratic and Republican." Furthermore, the presidents suggested failure to grant permanent NTR status with China would "squander" away the best opportunity the US has had in a
generation to address concerns about China's trading practices. WEATHER FORECASTS FOR CHINA'S WHEAT
GROWING REGIONS
Private weather forecasters indicate dryness remains a serious concern for the
unirrigated wheat areas of Henan, Shandong, Jiangsu, Anhui and eastern Hubei. A report suggests that most of the crops produced in these provinces are irrigated, but a fourth to a third of them may not be.
This makes timely rains all the more important as reproduction is now underway in the southern portions of the region. Moreover, wheat in the northern areas of region is not expected to reproduce until sometime
later this month, allowing for a bigger window of opportunity for additional rainfall and soil moisture improvements. Weather service sources suggest rain prospects should slowly improve over the next 10 days, but
the remainder of the week and into early next week is anticipated to remain dry. GOVERNMENT'S WINTER
WHEAT PRODUCTION ESTIMATE OUT THIS FRIDAY On May 12, 2000, the government will give its first estimate of the size of this year's winter
wheat crop. There are already some guesses as to the numbers.It looks as if most analysts are sure we'll produce less wheat this year than the 1.7 billion bushels in 1999/00. How much less is the question.
Last week, Sparks Companies told clients they anticipate at 16.5 billion bushel crop. They said they were assuming an increase in harvested acres (from 35.6 million acres to 36.1 for 2000/01) but a reduction in yields
from 47.8 to 44.8 bushels/acre. How accurate is the government's Friday number going to be? We will find out this Friday.
EU SEES WEAK EURO SAVING 500 MILLION FROM FARM BUDGET
European Union Budget
Commissioner Michaele Schreyer said on Thursday the euro's fall against the dollar could yield up to 500 million euros in savings on EU farm spending this year, according to a Reuters report. The euro was valued at
$1.17 in January 1999, but is currently worth only $0.8881. Because most world commodity markets are priced in dollars, a decline in the euro versus the dollar narrows the gap between high EU prices and world markets,
meaning the EU will pay less to subsidize its exports.
http://email.agriculture.com/cgi-bin1/flo?x=dYohAEKBBwAAKAYuh FARM STORAGE LOANS APPLICATIONS WILL BEGIN MAY 30, 2000
Beginning May 30, 2000, the USDA will start taking applications for new construction farm loans for on-farm storage to bin wheat, corn, soybeans, sorghum, oats,
barley, rice, canola, safflower, mustard seeds and oilseeds, according to one USDA official. Sources suggests, that although a total limit will not be set on how much can be loaned out, USDA officials do not
expect new loan requests to top $350 million in the first year of the program. However, a USDA official suggests there is a $100,000 loan limit per farmer. One USDA spokesperson indicated the loans
are for seven years at interest rates "comparable" with Treasury securities. Moreover, the impetus behind the storage construction loans is to hopefully introduce additional flexibility to the
farmer by allowing him to hold his product longer in the hopes of waiting for improved pries. USDA sources indicate the agency will be considering expanding the program for "other"
agricultural products as well. SAFEWAY SHAREHOLDERS REJECT GM FOOD BAN
PLEASANTON, Calif., May 9 (Reuters) - According to Reuters, shareholders of the Safeway Inc. supermarket chain on Tuesday roundly rejected a move to ban genetically modified
(GM) products from store shelves. Company officials said that a vote on a resolution put forward by a coalition of environmental, agricultural, consumer and religious groups showed more than 97 percent of
shareholders against banning genetically modified foods. Safeway officials countered that the resolution was unnecessary because all foods sold by the chain have been certified as safe by the U.S. Food and Drug
Administration. They also said that any attempt to bar genetically-altered products from Safeway shelves would leave the chain in the impossible position of attempting to determine for itself which
products were genetically-altered and which were not. |
