A settlement of U.S.-China trade rifts is crucial to the development of global trade and contributes to global growth as well, since "the two countries have the two largest economies in the world," said the economist.
According to his calculations, the state of Iowa has suffered about 1 to 2 billion U.S. dollars in losses or roughly 1 percent of the state's economy for the past year and is expected to suffer a very similar loss this year.
Hart was also interviewed in an Oct. 31 story in the Western Producer that reports "International Energy Agency says global production will increase to 130 billion liters by 2024 from 110 billion this year."
Hart said the IEA’s forecast for rising biofuel demand is “definitely supportive” of world grain and oilseed prices, but the impact will be muted somewhat by the continued growth in crop production.
“It is supportive of prices, but it doesn’t necessarily mean prices will dramatically improve,” he said.