US soybean growers denounce additional tariffs on Chinese goods

Scott Olson  Getty Images Soybean harvesting in Minnesota

Scott Olson Getty Images Soybean harvesting in Minnesota

CNGOIC reported that the soybean planting area in the U.S. reached 36.24 million hectares this year, the second-highest level in history, with the planting area exceeding that of corn for the first time in 40 years.

Even Brazil, the world's top soya bean exporter, is prepping for major purchases of U.S. soya beans to feed its domestic processors as it diverts more of its own crops to China at premium prices, according to exporters association Anec.

Soybeans, crushed to make cooking oil and the protein-rich animal feed ingredient soymeal, were the biggest U.S. agriculture export to China previous year at a value of $12.3 billion, according to the U.S. Department of Agriculture (USDA).

China National Grain and Oils Information Center said China's 25 percent import tariff on United States soybeans will increase U.S. soybean import costs to between 700 yuan ($105) and 800 yuan per metric ton, which is around 300 yuan higher per ton than the same shipments from Brazil.

Mexico has booked almost 1 million tonnes in advanced purchases of USA soybeans - four times more than last year - while Pakistan's 273,000 tonnes in forward purchases are up 44 percent from a year earlier, the USDA data shows.

Soybeans are Arkansas's top crop, and its the second most exported crop from the USA, according to the NASS.

There's already been a sharp price decrease for certain products and soybean farmers are one group impacted.

"Exports jumped a little more than 30,000 tonnes in market year 2017-18 to almost 80,000 tonnes in large part because of increased demand from India", the report said.

This is leaving several farmers across the USA and here in Arkansas in a panic, but hopeful.

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Futures prices for soybeans have tumbled by 20% at the Chicago market since late May.

As a result, the US will only export 2.04 billion bushels, and could have a record surplus stockpile of 580 million bushels, the report states.

Soybean prices remained in the doldrums on Thursday.

According to Hood, in 2017 China bought more than half of the soybean crops harvested in the U.S. Arkansas was responsible for 3.5 million acres of that harvest.

"Despite losing market share in China, soybean exports are supported in other markets as lower USA prices increase demand and market share", said the USDA.

All the same, the average price for this year's USA soybean crop was forecast at $9.25 a bushel, 75$ lower than a month ago and the lowest in four years.

Trump has threatened to impose tariffs on almost all Chinese imports to the US. The U.S. crop was projected at 4.310 billion bushels, the second largest ever.

Yu said China can also buy more rapeseed, sunflower seeds, and bring in more soybean meal, rapeseed meal, sunflower meal and fishmeal to fill any supply gaps.

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