This past week the American Soybean Association (ASA) announced some positive news for the American soybean farmers. The Administration has announced that a trade deal was made with Japan, one of the top export markets for soybeans. This news alleviates some of the pressure that soybean farmers have been feeling over the past year, due to the ongoing U.S.-China trade war.
In a statement released on August, 25th 2019, Sonny Perdue, USDA Secretary stated, “By removing existing barriers for our products, we will be able to sell more to the Japanese markets. At the same time, we will be able to close gaps to better allow us to compete on a level playing field with our competitors.” It is important to note that approximately 60% of soybean crops producing in the United States are exported globally, much of which historically have been purchased by China. This makes soybeans and soybean products the top agricultural export in the U.S., the export value topped $28 billion in 2018. The past year has been increasingly difficult for farmers across the United States – particularly soybean farmers, trade deals such as this one brings new hope to farmers after much uncertainty.
Read the full article from the American Soybean Association, here.