As Washington moves to cushion the blow of China’s retreat from buying US soybeans with potential financial aid and efforts to diversify export markets, American farmers say they welcome the help but would rather see Chinese orders return.
Advertisement
“This year is almost gone for soy farmers because they have a big harvest but no orders from China,” a farmer from Nebraska said on condition of anonymity.
“Farmers prefer to return to the normal days of stable orders, from China and elsewhere, and stay free from blows from the trade war.”
The comments came as Beijing – once the top buyer of US soybeans – has yet to place any bulk orders this season amid heightened trade tensions between the two superpowers. China has instead turned to other suppliers, mainly Brazil.
US President Donald Trump said on Thursday that he would raise the issue of soybeans with President Xi Jinping during a possible meeting later this month on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea.
Advertisement
In the meantime, Washington has urged India to step up purchases of American soybeans, while American farmers push for buyers in the likes of Vietnam and Nigeria. The US government is also reportedly weighing an aid package worth between US$10 billion and US$14 billion, funded by tariff revenue.
“[The aid would be] better than none for farmers, especially soy growers. Trump is doing something to relieve their pain,” the Nebraska farmer said, while urging the US president to “make China buy US agricultural products or make the cash bailout a permanent one. There is no other way around this”.