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US Treasury Secretary Scott Bessent said on Thursday that the federal government would support American farmers in light of China's refusal to buy soybeans and that an announcement would be made on Tuesday, reported Reuters. American farmers overwhelmingly voted for President Donald Trump in the 2024 presidential election, Bessent said. "We've got their backs," he added in an interview with CNBC. Chinese importers have not yet bought soybeans from the autumn US harvest during the trade war between Washington and Beijing, costing US farmers billions of dollars in lost sales. "It's unfortunate that Chinese leadership has decided to use the American farmers, soybean farmers in particular, as a hostage or pawn in the trade negotiations," Bessent said. Trump said on Wednesday that soybeans would be a major topic of discussion when he meets with Chinese President Xi Jinping in four weeks. Almost every recent U.S. trade deal included buying of American farm products, Bessent said, "so we're going to see other countries substitute for China." But despite efforts by the Trump administration and the soybean industry, no other countries have emerged as anywhere near able to replace the volumes that China usually buys. He said a record harvest was also affecting prices. Bessent said he met with Trump and Agriculture Secretary Brooke Rollins in the Oval Office on Wednesday and to expect some news on Tuesday on support for US farmers, especially soybean farmers. "On Tuesday, you're going to see substantial support for the farmers, and we're also going to be working with the Farm Credit Bureau to make sure that the farmers have what they need for next planting season," Bessent said. It will be very helpful for Trump and China's Xi to meet in person and set the framework for trade going forward, Bessent said. "I think with President Trump's leadership and his relationship - the respect party chair Xi has for him - that this round, which would be our fifth round of talks, should show a pretty big breakthrough," Bessent said.
Global food commodity prices dipped in September as declines in sugar and dairy offset a new peak for meat prices, Reuters reported, citing the United Nations' Food and Agriculture Organisation on Friday. The FAO Food Price Index, which tracks a basket of internationally traded food commodities, averaged 128.8 points in September, down from a revised 129.7 in August. The index was up 3.4% on the same month last year, though nearly 20% down from a record level in March 2022 following Russia's full-scale invasion of Ukraine.
Lowest sugar prices since March 2021-The indicator, which had climbed to a two-year peak in July before stabilising in August, was curbed last month by a 4.1% drop for FAO's sugar price index, which reached its lowest since March 2021. The fall for sugar reflected an improving supply outlook, with higher than expected production in Brazil and favourable harvest prospects in India and Thailand, FAO said. The agency's dairy price index slipped 2.6% month on month, driven in turn by a sharp decline in butter prices amid increased production prospects in Oceania. FAO's cereal benchmark saw a 0.6% decline from August, with wheat prices dropping for a third straight month due to large harvests and subdued international demand. Maize prices also decreased, partly pressured by a temporary suspension of export taxes in Argentina. The agency's rice index also showed a monthly fall as reduced orders by buyers in the Philippines and Africa weighed.
US beef market drives record meat prices
Vegetable oil prices fell by 0.7% as lower palm and soybean oil quotations offset increases for sunflower and rapeseed oil. In contrast, FAO's meat price indicator rose by 0.7% to a new record high as beef and sheep meat quotations rose. Beef prices also reached a new peak, supported by strong demand in the US amid limited domestic supply. In a separate report, the FAO increased its forecast for global cereal production in 2025 to 2.971 billion metric tons from 2.961 billion tons projected last month. The latest outlook was up 3.8% from 2024 output, marking the largest annual increase since 2013, it said. The upward revision was attributed to higher production prospects for wheat, maize and rice.
World Farming Agriculture and Commodity news - Short update 29th September 2025
Prices at British retailers rose at the fastest pace since February 2024 this month as food costs continued to increase rapidly and a decline for non-food items appeared close to an end, industry data showed on Tuesday, reported Reuters. Overall shop prices in September were 1.4% higher than a year earlier, up from a 0.9% inflation rate in August, the British Retail Consortium said, potentially adding to Britain's broader inflation problem.Food price growth remained at 4.2% while non-food prices dropped by 0.1%, a smaller annual decline than the 0.8% fall recorded in August.
"Households are finding shopping increasingly expensive," BRC Chief Executive Helen Dickinson said. "The impact on retailers and their supply chain of both global factors and higher national insurance and wage costs is playing out in prices for consumers."Finance minister Rachel Reeves announced an increase in employers' mandatory social security contributions in her annual budget last year, drawing widespread complaints from retailers.The BRC urged Reeves to avoid fresh levies that would push up prices in her next budget in November.The Bank of England forecasts that the broader consumer prices index - which covers a wider range of goods and services than the BRC measure - will rise to 4% this month, up from 3.8% in August and double the central bank's target.
Policymakers are divided about whether a slowing jobs market is enough to ensure inflation will return to target, or if they need to slow or stop their cuts to interest rates.BoE Deputy Governor Dave Ramsden said on Monday that food prices seemed to be having an outsize effect on public perceptions of inflation, especially since a surge in 2022.Dairy and beef prices appeared most affected by farms' rising energy and labour costs, while a new government levy on packaging would push up prices in October, the BRC said.
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