Midwest Soybeans: A New Reality
Some Midwestern soybean farmers are selling their beans to be crushed and turned into soybean meal and oil, but economists say domestic processing won’t be enough to offset the drop in Chinese demand.
After a months-long standoff, China has agreed to buy 12 million metric tons of U.S. soybeans this year – less than half of what the country has historically purchased.
“China buys, traditionally, about half the soybeans we export, and we can't replace that amount with domestic usage. It's impossible,”
said Tanner Ehmke, an economist with agricultural lender CoBank.
- China has agreed to buy 12 million metric tons of U.S. soybeans this year.
- Domestic processing won’t be enough to offset the drop in Chinese demand.
Author's summary: Soybean farmers face challenges despite new China deal.
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