Soybean Producers Urge Action in Light of Dreary Market Outlook

By Ellis Codjoe, August 14, 2019

The latest USDA report shows that more corn and soybeans were planted this year than expected and harvests may end up higher than earlier predictions.

However, Iowa Soybean President Lindsay Greiner paints a grimmer picture.

“We’re getting hammered from all sides. It’s long past time for the Administration and Congress to act. If they don’t, a good share of the damage done to America’s family farms will be permanent.”

Greiner said the ongoing U.S.-China trade war and a new U.S.-Mexico-Canada Agreement (USMCA) sitting idle in Congress as members are on recess really hurts. Adding to the misery are waivers granted by the U.S. Environmental Protection Agency to petroleum refineries allowing them to renege on Renewable Fuels Standard commitments.

While U.S. soybeans have fallen out of favor with China, another countries have stepped in to fill the void. Iowa State University ag economist Chad Hart told Radio Iowa that China is buying far fewer American soybeans than it used to, while Brazil and other South American countries have been the beneficiaries of the trade war.

Greiner says he and other farmers have maintained good relations with Chinese buyers despite a trade war that has no foreseeable end.

“U.S. soybean farmers are proud of our long-term efforts to build demand in the country of nearly 1.5 billion people. For nearly 40 years, we worked to develop strong cooperation and friendship and we do not want to lose what we have built.”

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