Despite earlier good news on the US-China trade deficit, U.S. soybean exports have plunged to their lowest levels since the early days of the U.S.-China trade war in what is an alarming sign for farmers pleading with the Trump administration to resolve all trade disputes.
Current data from the U.S. Department of Agriculture (USDA) revealed that the total U.S. soybean exports reached 460,700 metric tons last week, down from 888,700 tons in the previous week and just above 446,500 tons in the same week a year ago. Of the soybean shipments last week, only 130,200 tons were loaded on vessels for China.
The implementation of U.S. tariffs on Chinese goods last summer spurred Beijing to abandon U.S. farmers for South American growers, cultivating links with Argentina and Brazil.
American farmers are expected to plant less soybean this year, down 5% to 84.6 million acres according to the USDA, and Chinese feed demand is likely to collapse amid the outbreak of African Swine Fever across several provinces.