GFM Network News

Trump signs CUSMA pact

Washington | Reuters -- President Donald Trump on Wednesday signed a new North American trade agreement during an outdoor ceremony at the White House attended by about 400 guests -- but not the key Democrats who helped secure congressional passage of the deal. Trump, on trial in the U.S. Senate on charges of abusing power[...]

CBOT weekly outlook: 2019 ends on high note

MarketsFarm -- Despite a number of tough challenges in 2019, one broker at the Chicago Board of Trade said the year ended on a high note. "For what we went through with China this whole year, this trade war, you had corn, wheat and soybeans close higher for the year on Dec. 31," said Scott[...]

CBOT weekly outlook: Impeachment process stifles markets

MarketsFarm -- U.S. President Donald Trump's impeachment hearings have dominated headlines and stalled progress in numerous trade developments, leaving the Chicago Board of Trade (CBOT) starved of meaningful news. The Canada-U.S.-Mexico Agreement (CUSMA) has yet to be ratified by the U.S. House of Representatives. The trade pact, meant to replace the North American Free Trade[...]

U.S. to levy tariff on imported Mexican tomatoes in trade spat

Washington | Reuters -- The U.S. Commerce Department said on Tuesday it will begin imposing a 17.5 per cent tariff on imported Mexican tomatoes, but said it is optimistic that a deal can be reached to extend a 2013 agreement that suspended a U.S. anti-dumping investigation. "The Department of Commerce remains committed to ensuring that[...]

USMCA deal modestly boosts U.S. economy, trade panel finds

Washington | Reuters -- The new North American free trade pact would modestly boost the U.S. economy, especially auto parts production, but may curb vehicle assembly and limit consumer choice in cars, a hotly anticipated analysis from the U.S. International Trade Commission showed on Thursday. The ITC report is a crucial step in the push[...]

U.S. dairy farmers get little help from Canada trade deal

Madison, Wisconsin/St. Claude, Manitoba | Reuters – Minnesota farmer Paul Fritsche can no longer afford health insurance as he struggles to sustain a dairy farm that has been in his family for nearly a century. With U.S. milk prices in the fourth year of a slump due to chronic oversupply, Fritsche, 58, is unsure whether[...]

U.S. milk producers ask government for more aid, citing $1 bln tariff impact

Washington | Reuters – U.S. milk producers asked the government to increase aid payments to the industry to offset losses from foreign tariffs, saying dairy farmers have lost more than $1 billion in income since May. The administration of President Donald Trump in late May announced tariffs of 25 percent on steel imports and 10[...]

U.S. Senate will not vote on USMCA in 2018, McConnell says

Washington | Reuters -- The U.S. Senate's top Republican said on Tuesday that senators will not vote to approve a revised North American trade pact in 2018, leaving the issue to the next Congress. Senate majority leader Mitch McConnell told Bloomberg Television that the Senate will not have time to take up the new United[...]

U.S. livestock: CME cattle futures jump on trilateral trade pact

Chicago | Reuters -- Chicago Mercantile Exchange live cattle futures rose to their highest prices since April on Monday after the U.S., Canada and Mexico said they struck a deal on a trilateral trade pact. News of the agreement, reached over the weekend, eased concerns that the United States would exit the North American Free[...]

U.S. grains: Corn, soy surge as NAFTA revamp outweighs big supplies

Chicago | Reuters -- U.S. corn and soybean futures rallied on Monday, reversing the prior session's steep losses, after the U.S., Canada and Mexico announced they had reached a deal on a trilateral pact to replace NAFTA. Corn gained nearly three per cent and soybeans more than one per cent as news of the trade[...]