US soybean farmers "standing at a trade and financial precipice," association tells Trump

NEW YORK: The American Soybean Association (ASA), which represents over 500,000 United States (US) soybean farmers, claimed on Tuesday that growers are "standing at a trade and financial precipice," and urged the Trump administration to reach a trade agreement with China without delay, reported Xinhua.

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US soybean farmers are struggling financially due to falling prices and rising costs, with no upcoming sales to China.
China is the largest buyer of US soybeans, accounting for 61% of global imports over the past five years.
Farmers urge Trump to prioritise soybeans in trade talks with China to avoid severe consequences during harvest season.

"US soybean farmers cannot survive a prolonged trade dispute with our largest customer," said Caleb Ragland, president of ASA, in a letter to US President Donald Trump.

According to the association, China accounted for an average of 61 per cent of global soybean imports over the past five years and has long been the leading purchaser of US soybeans.

However, China has not purchased any US soybeans for the months ahead, while the harvest season approaches quickly, said Ragland.

"The longer it takes to reach a soybean agreement with China into the autumn, the more severe the consequences will be for US soybean farmers," Ragland said.

"Soybean farmers are under extreme financial stress," he said. "Prices continue to drop, and at the same time, our farmers are paying much more for inputs and equipment."

The letter calls for priority to be attached to soybeans in bilateral trade talks.

The US and China have held three rounds of high-level trade talks this year and recently agreed to extend the suspension of tariffs until Nov 10, 2025.

-- BERNAMA