According to a press release by the American Soybean Association (ASA), the White House has reached a trade agreement with Japan. This is good news for U.S. soybean farmers as Japan is one of the top 10 export markets for soybeans.
The United States is Japan’s largest soybean supplier with 63% of the market share. Exports to Japan totaled more than $976 million in 2017, that number is projected to increase in the coming years. This new trade agreement will ease some of the pressure that soybean farmers have been feeling since the U.S.-China trade war began more than one year ago.
The ASA President, Davie Stephens, has remained a vocal advocate for soybean farmers and stated “Japan has long been a valued and reliable trading partner for soybeans, and we appreciate that the agriculture component of this deal will assure continued market access for our beans and other ag products. As we go through the details of the agreement, we extend a thank you to the Administration for finalizing this deal.” The ASA represents more than 300,000 soybean farmers across the country, many if not all, have been impacted by trade obstacles in recent years.
For additional information on trade with Japan click here: Trade Deal with Japan to Ease some of the Pressure on American Soybean Farmers