Farmers are concerned the aid packaged announced last week by the Trump Administration will not help them financially.
On Thursday, USDA drastically changed the demand outlook for soybeans in their July World Agriculture Stocks and Demand Estimates (WASDE) report, citing Chinese tariffs which are no stranger to the market.
China has been gobbling up the world’s soybeans at breakneck speed over the past decade. But as the trade spat with the U.S. escalates, its imports of the oilseed are set to decline for the first time in 15 years.
In the July 12 World Agriculture Supply and Demand Estimates (WASDE) report on Thursday, USDA detailed the effect they expect Chinese tariffs to have on dairy exports.
The U.S. Senate took President Donald Trump to task on trade but fell short of curtailing his power to impose tariffs.
Soybean prices in the U.S. and Brazil, the nations that account for roughly 80 percent of global exports, have taken drastically different paths thanks to Donald Trump’s trade war.
The U.S. trade deficit narrowed in May to its smallest since October 2016 on a jump in exports of soybeans and aircraft amid the threat of retaliatory tariffs.