The U.S. share of global soybean production is falling for a second year while its two South American oilseed rivals pass a milestone. Brazil and Argentina will grow 53 percent of the world’s soybeans, with a combined output of 180 million tonnes in 2019/20, estimated the USDA in its monthly …
Three weeks after he slammed Brazil and Argentina for actions "not good for our farmers," President Trump reversed his decision to impose high tariffs on steel and aluminum imported from the South American nations, said Brazilian President Jair Bolsonaro on social media over the weekend. "The relationship between the United States and Brazil has never been Stronger!" tweeted Trump on the same day.
Brazil and Argentina are taking actions that are "not good for our farmers," said President Trump on Monday, announcing high tariffs on steel and aluminum imports from the South American nations. Trump, who announced the tariffs on social media, said the weakening Brazilian real and Argentina peso adversely affects U.S. manufacturing and agricultural exports, making American-made goods more expensive.
Hours after complimenting China for waiving tariffs on some U.S. products, President Trump announced on Wednesday a two-week delay, until Oct. 15, of higher tariffs on $250 billion worth of Chinese-made goods. On social media, Trump called the delay “a gesture of good will.”
China will remain the world’s largest soybean importer in coming years even if the trade war with the United States is not settled, but it won’t be buying as much of the oilseed, said USDA analysts on Wednesday.
In a break from the trade war, China made its third purchase of U.S. soybeans in a week, said the USDA on Wednesday. The purchases followed a meeting between President Trump and Chinese President Xi Jinping in Buenos Aires that Trump said would result in significant exports to China.
Thanks to continued strong demand from overseas buyers, U.S. corn exports this trade year could be the second highest ever, the Foreign Agricultural Service said on Thursday.
In the agricultural equivalent of coals to Newcastle, the No. 3 soybean grower in the world, Argentina, is buying soybeans from one of its major competitors, the United States, because of drought damage to its own crop.
Prolonged drought will limit Argentina’s soybean crop to 47 million tonnes this year, about 10 million tonnes less than usual, estimated the USDA in its monthly WASDE report.