Soy leaders are keeping a close watch on tariff action out of the White House. China is a major buyer of U.S. soybeans, and economists warn the situation could quickly heat up.
“They dominate the global oil seed market and they import more than the rest of the world combined. And in 2018, when those Section 301 retaliatory tariffs went into place, we saw prices drop overnight by $2.00 a bushel and our market share evaporate. You know, USDA’s Economic Research Service put out a study assessing the economic damages done to us as a result of the trade. It showed $27 billion in losses for U.S. ag, and of that amount, our soybeans accounted for 71%,” said Virginia Houston.
President Trump has given both Canada and Mexico a February 1st start date for tariffs. Some ag leaders have warned the plan could backfire, while others support the move as an effort to boost U.S. trade.
Some sustainability shifts are not particularly challenging and can be implemented with resources already available to farmers and ranchers on their operations.
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The government reopens after 43 days. USDA resumes key reports, weighs farm aid, and watches China’s next move on U.S. soybean purchases.
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Iowa Ag Secretary Naig recaps discussions surrounding a potential federal aid package for farmers and shares insights on producer sentiment in the Heartland.
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Winter weather will challenge livestock producers working to rebuild their herds despite harsh conditions.
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