The latest forecast for the next marketing year shows China importing less U.S. soybeans and purchasing more from Brazil. Imports from the U.S. are expected to plunge to 700,000 metric tons from 27.8 million metric tons in the most recent marketing year. American Soybean Association President John Heisdorffer says seasonally there’s a lot of soybeans on the market and he’s hopeful that will improve despite the current trade war and its effects.
He expects more competition from South America for the Chinese market and it’s looking like US. Growers will lose out.
Heisdorffer says while the trade war is still a major worry and the latest expected issuing of new tariffs is concerning, there are some good things happening trade wise for America’s producers.
Trade talks between the U.S. and China were held last month with no resolution and there are no formal discussions expected to take place anytime soon.
