The Wisconsin Soybean Association (WSA) is encouraged by recent news that buyers in China have purchased US soybeans. Soybean sales between the US and China were suspended earlier this year due to the ongoing tariff war, making this sale particularly notable.
Soybean sales resumed between the two countries as a result of an agreement enacted by President Trump and Chinese President Xi to suspend new tariffs for 90 days and negotiate trade issues. “The announcement of renewed soybean sales to China is positive news for Wisconsin soybean farmers” said Tony Mellenthin, President of the Wisconsin Soybean Association (WSA).
Though renewed sales with China brings some hope for market improvement, it is merely the first step to reestablishing the once substantial soybean trade between the two countries. “To date China has only purchased a fraction of the typical 32 million tons they purchase annually from the United States. Expedited sales must continue if we hope to regain the market share we have lost and for the burden of the trade war to be lifted from the Wisconsin soybeans farmer’s shoulders” said Mellethin.
Read more about how this sale could impact US soybean growers in the American Soybean Association’s recent press release.