Iowa Soybean Association issues statement of China tariffs

ANKENY, Iowa (KWQC) — The Iowa Soybean Association issued a statement on how China tariffs will reduce exports and prices.

The release explains the forecast as of July 6th.

U.S. soybean exports are forecast at 2.04 billion bushels during the 2018-19 marketing year, down 250 million bushels from last month, according to the July World Agricultural Supply and Demand Estimates Report. The drop reflects the added tax on U.S. soybeans by China, which now stands at 28 percent, effective July 6.

The report mentions that the drop in exports could've been worse had Argentina’s soybean crop not been reduced by drought. Egypy has also tripled purchases of U.S. soybeans this year to nearly 63 million bushels as of mid-June.