Another Trade Win for Ohio Soybean Farmers
January 16, 2020 Ohio Soybean Association
USMCA Passes Senate, President Expected to Sign
One day after the U.S. and China entered a Phase 1 trade deal, Ohio soybean farmers have another trade win to celebrate following the U.S. Senate’s passage of the U.S.-Mexico-Canada Agreement (USMCA) by a vote of 89-10. USMCA now moves to President Trump’s desk for his signature.
The Ohio Soybean Association (OSA) has been working diligently with its partner organizations, such as the American Soybean Association (ASA), to see USMCA passed and ensure consistent access to two major customers for U.S. soybeans. OSA expressed thanks to Senator Rob Portman (R-OH) and Senator Sherrod Brown (D-OH) for their support.
“USMCA has been a major priority for OSA and we are very happy to see it pass the Senate and move to the president’s desk,” said Ryan Rhoades, OSA president and Marion County soybean farmer. “We thank our legislators for moving this trade deal forward and supporting vital market access for Ohio family farmers. I also want to thank OSA members and other industry stakeholders for their grassroots support on this effort and helping to make farmers’ voices heard.”
U.S. soybean exports to Canada and Mexico saw substantial growth following the passage of the North American Free Trade Agreement (NAFTA). Under USMCA, it is expected U.S. soybean farmers will be able to sustain that growth and create market certainty.
Overall, Mexico is the second largest market for whole soybeans, meal and oil. Canada is the fourth largest market for soybean meal and the seventh largest for soybean oil. The value of the Ohio soybean crop is approximately $2.5 billion, with 5 million acres planted and 7.9 million metric tons (288 bushels) of soybeans produced in 2018. Soybeans are Ohio’s number one agricultural export.