NOTEBOOK – One Good Read: Trade war fallout: Soybean prices plunge to a 10-year low
SUZANNE BEHNKE Jul 11, 2018 | 8:22 pm
1 min read time
186 wordsAll Latest News, Economic Development, The Insider NotebookWe’ve covered the importance of trade to Iowa in the last few months, including a piece by Managing Editor Perry Beeman that highlighted Iowa’s strong trade ties to China (where former Gov. Terry Branstad is the ambassador) and touching base with the Iowa Soybean Association on the risk to soybean growers. “A trade war with China involving soybeans would be devastating,” said soybean association CEO Kirk Leeds to Beeman in this article. This CNN Money piece is the latest headline to grab our attention in the newsroom with Iowa’s high soybean production. CNN writes today: “Soybean prices have hit a 10-year low, dealing a blow to American farmers. The price of a bushel slid to $8.55 on Wednesday, a 13 percent decline since the beginning of the year. Prices are falling as a result of the escalating trade war between the United States and China. The United States imposed a 25 percent tariff last week on $34 billion worth of Chinese goods. China responded with a tariff on American goods worth an equal amount, including soybeans. China is the world’s largest buyer of American soybeans.”