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Ragland tells Senate Committee China trade dispute is impacting soybean farmers

The president of the American Soybean Association says the on-going trade dispute with China could have severe impacts on the industry.

Testifying before the US Senate Finance Committee Wednesday morning, Kentucky farmer Caleb Ragland said US soybeans are still facing a duty into the largest export market. “If the retaliatory tariffs return or escalate after the pause, we can expect to see future prices for US soy decline significantly as early as this summer.”

He said that creates unnecessary uncertainty with trading partners. “It gives them reasons to look for other sources that are dependable. We’ve established long-term relationships. With China for example, we’ve been working there since 1982 to establish that relationship and then with the stroke of a pen, we can damage that severely.”

Ragland said diversifying market access helps, but China is still a large customer. “They have all of the poultry and all of the pork. There are more pigs in China than the rest of the world combined. Their appetite for soy protein is nearly unlimited, and that’s why they are so vital. We can’t just replace them with other customers.”

He said trade relationships are complex but help ensure long-term success for the ag industry.