The USDA is predicting this year’s soybean harvest in Iowa will be the third-largest on record, but the country that at one time bought about 60% of all U-S soybean exports isn’t buying at all. China has booked purchases from South America instead. Iowa Agriculture Secretary Mike Naig says that’s putting pressure on soybean farmers.
Naig says recent U-S negotiations with China about TikTok’s future might lead to a breakthrough on soybean exports.
U-S soybeans are normally shipped to China from September through January, but experts who track sales say Chinese buyers haven’t booked any sales this fall. U-S soybeans are now far cheaper than Brazilian soybeans, but any Chinese buyer would have to pay a 23 percent tariff on U-S soybeans. Naig says increasing domestic use of soybeans for biofuels is part of the answer.
Naig and Governor Kim Reynolds and 18 other Iowans returned Sunday after spending a week in India. The group met with leaders in India’s government as well as its manufacturing and agricultural sectors. There were stops in India’s capitol of New Delhi and in Mumbai, India’s largest city and it’s financial center. The group’s other stop was in Pune, one of the most industrialized areas of India. Reynolds signed a partnership agreement with the region’s chief minister to expand trade ties between the two states and foster cooperation in advanced manufacturing, biotechnology and renewable energy.
