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.
Peel says Mexico has a much greater capability to expand its beef industry than it did 20 or 30 years ago in terms of its feeding and packing infrastructure.
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Record crops are increasing grain storage needs, prompting safety experts to remind producers of the risk of grain bin entrapment during harvest.
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The impacts of the government shutdown have reached commodity growers with crops to move, ag economists monitoring the harvest without key data reporting, and meat producers in need of new export markets.
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Export Inspections In Bushels Show Mixed Momentum Patterns
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U.S. Farmers Face Shifting Harvest Pace, Basis, and Input Costs
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