A local leader in the soybean industry continues to follow the ongoing trade saga between the U.S. and China. American Soybean Association chair and Roseville farmer Ron Moore says 60-percent of US soybeans go into the export market and half of those go to China.
Moore says, “If you go back to 2012 and we had $15 per bushel soybeans in the U.S. and they were paying that – so they’re going to pay the price to keep their livestock production up, and to keep the cooking oil in the consumer’s hands over there.”
He says a threatened 25-percent tariff would hurt and if China can’t meet their soybean need from the U.S. they’ll likely look elsewhere.Some studies indicate the threatened tariff could mean a 50 cent per-bushel hit for U.S. soybean farmers. According to a Bloomberg News report, China has tripled soybean purchases from Russia while canceling several U.S. shipments. 17th District Congresswoman Cheri Bustos said, “This so-called Farm Bill that Washington Republicans are racing to pass does absolutely nothing for heartland farmers.
