Chinese leaders are telling U.S. soybean farmers they don’t need U.S. soybeans. U.S. Soybean Export Council Vice Chair Monte Peterson, who farms at Valley City, North Dakota, met with Chinese buyers during USSEC’s Global Grain Exchange. “The spokesman for the Chinese delegation, it would be my opinion, came with prepared remarks from Beijing. Those prepared remarks included the idea that this trade negotiation and the use of tariffs will not affect their industry. They’re well-prepared to seek alternative sources for their needs on their soy protein.” China mentioned increased business with Brazil, a chance to partner with Russia, looking at alternative sources like palm meal, sun and canola meal. Peterson says there’s also an option to develop land with neighboring countries for soy production and increasing China’s soy production. Personally, Peterson thinks the U.S. relationship with China is damaged.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.