Even when we had Iowa Soybean Association CEO Kirk Leeds try to make sense of the soybean tariffs last month, we didn’t see this coming. 

For the first time, Brazil, the world’s top soybean exporter, will import a large amount of U.S. soybeans — 1 million metric tons — to make up for shortages, Reuters reported.  

Those shortages come about because of Brazil’s heavy soybean exports to China, which has slapped a 25 percent tariff on U.S. soybeans as part of a trade war in which the United States has escalated tariffs applied to Chinese products.

Most of Brazil’s soybeans from the most recent season have already been sold or are earmarked for export, Agribrasil CEO Frederico Humberg told Reuters. "We are going to see American soy entering Brazil pretty soon," he added. 

At the same time, Europe has quadrupled imports of U.S. soybeans to take advantage of prices depressed by the tariff tiff, Reuters reported earlier