News

Earlier this week, the Argentine government announced it would waive taxes on its soybean exports, resulting in a purchase of 35 vessels of soybeans by China. Yesterday, the U.S. government announced it will extend a $20 billion aid package to the Argentine government and potentially make a purchase of the country’s foreign bonds. The timing of this news is particularly troubling as farmers begin to harvest a crop that may have nowhere to go. In response, Ohio Soybean Association President and Williams County soybean farmer Rusty Goebel issued the following statement:

“It’s hard for Ohio soybean famers to swallow that just a day after Argentina maneuvered to supplant our market share in China, the Trump Administration announced it will send taxpayer money to Argentina to prop up its failing economy. Our own farm economy is in a dire position because of tariffs and lack of a deal with our largest trading partner. We need the administration to focus on what matters in the heartland – restoring the market that so many famers’ livelihoods depend upon.”

Simply put, China is the top buyer of U.S. soybeans by a wide margin. During the 2023/24 marketing year, the U.S. exported nearly 25 million metric tons (919 million bushels) of soybeans to China while a mere 4.9 million metric tons (180 million bushels) of U.S. soybeans were exported to the European Union, the second largest buyer of U.S. soybeans. To make up for the lost demand from China, the U.S. would need to find the equivalent of five European Unions.