Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   
   
   
   

Agricultural News


After Months of Asking for a Trade War Alternative Soy Farmers Finally Hit by China's Retaliatory Tariff

Fri, 06 Jul 2018 11:02:31 CDT

After Months of Asking for a Trade War Alternative Soy Farmers Finally Hit by China's Retaliatory Tariff A soft farm market, already-declining prices, and now, China’s retaliation against President Trump’s 25 percent tariffs on $34 billion worth of Chinese goods, which took effect at midnight last night. Soybean farmers, whose crop represents 41 percent of the value of products on China’s tariff list, will feel the full effect.


The value of U.S. soybean exports to China has grown 26-fold in 10 years, from $414 million in 1996 to $14 billion in 2017. Since talk of the tariffs began back in March, U.S. soy prices have dropped more than $2.00 per bushel.


“Soybeans are the top agriculture export for the United States, and China is the top market for purchasing those exports,” says John Heisdorffer, a soybean grower from Keota, Iowa, and president of the American Soybean Association (ASA). “The math is simple. You tax soybean exports at 25-percent, and you have serious damage to U.S. farmers.”


Soy growers rely heavily on exports to China: In 2017, China imported 31 percent of U.S. production, equal to 60 percent of total U.S exports and nearly 1 in every 3 rows of harvested beans. Over the next 10 years, Chinese demand for soybeans is expected to account for most of the growth in global soybean trade, which underscores the importance of this market for future U.S. soybean sales.


When the possibility of tariffs first arose, ASA asked President Trump to consider other policies for reducing the U.S. trade deficit with China. Then ASA organized a fly-in to urge Congress to encourage the Administration to rethink the tariffs. Finally, in a last-ditch social media effort earlier this week, individual soybean farmers who will be directly affected by the trade conflict attached their photographs to statements appealing directly to the President and his advisors.



Source - American Soybean Association




   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma National Stockyards - Oklahoma City - Close  Tue, 11 Dec 2018 07:48:50 CST
  • Tuesday Preopening Market Update with Dave Lanning  Tue, 11 Dec 2018 07:32:55 CST
  • Joplin Regional Stockyards - Close  Tue, 11 Dec 2018 05:38:02 CST
  • Farm Bureau to Work With Informa Economics to Produce Six Policy Roundtables in 2019  Tue, 11 Dec 2018 05:25:30 CST
  • US Secretary of Ag Sonny Perdue Will Encourage President Trump to Sign the 2018 Farm Bill if Sent to the White House by House and Senate  Tue, 11 Dec 2018 05:17:57 CST
  • Farm Bill Conference Report Text Released- All 807 Pages- With House and Senate Votes Possible This Week  Tue, 11 Dec 2018 05:12:42 CST
  • Slaughter Cows and Bulls Sell Mostly Steady on Limited Tests Monday at OKC West Livestock  Mon, 10 Dec 2018 17:01:24 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Livestock Exchange Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com

    Find more about Weather in Oklahoma City, OK

       
       
    © 2008-2018 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.