Soybean growers have a strong message for the Trump Administration. One group says they are under extreme financial stress, and tariffs are making it worse.
With China largely absent from the buying table, the American Soybean Association is calling on the White House to ease up on Chinese tariffs.
In a 10-page paper outlining the situation, the group warns that time is running out, and farmers could pay the price. They say tariffs against China have had a limited impact on soybeans so far, but with harvest around the corner, that will soon change. China imports as much as 60 percent of the world’s soybean supply, but the group warns retaliatory tariffs make U.S. beans 20 percent more expensive, driving China to places, like Brazil.
The Soy Transportation Coalition is also weighing in, saying China has been the ideal customer for a number of reaons. They have a large population with growing incomes, they consume large amounts of pork and poultry, and they cook with a large volume of oils. Executive Director Mike Steenhoek says a lot of rural America’s growth over the last 30 years has been because of the Chinese market and the ability for U.S. soybean growers to export there.
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Caleb Ragland, president of the American Soybean Association (ASA), shares his reaction to news of soybean sales to China, which is considered both “welcome news” and a return to near-normal trade relations.
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Farm Bureau Economist Faith Parum discusses key outcomes from the U.S.-China trade agreement and the benefits of expanding trade across Southeast Asia.
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Farm CPA Paul Neiffer joined us on Thursday’s Market Day Report to discuss the implications for farmers.
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Chris Bliley with Growth Energy discusses ongoing concerns about U.S. ethanol exports and the expansion of market access promised under the Phase One deal between the U.S. and China.
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“It does not extinguish right away here — in any sort of sense — the real profitability concerns and people’s ability to pay bills and get to the other side of this in the very short term. This is where the skepticism builds.”
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U.S. Senator Roger Marshall (R-KS) shares his perspective on the U.S.-China trade developments and their potential impact on American producers, farmers, and ranchers.
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