Partial Trade Deal Will Help U.S. Retake Chinese Market Share
CEO of U.S. Soybean Export Council says deal is good news for soybeans
Recent progress in trade talks between the United States and China could help American soybean farmers regain Chinese market share, Jim Sutter, the CEO of the U.S. Soybean Export Council, told CNBC on Wednesday.
That’s because American farmers will react “pretty quickly” and resume soybean production at 2017 pre-trade war levels of about 90 million acres, Sutter explained.
In contrast, around 89 million acres of soybeans were planted in the U.S. last year — in the thick of the trade war — according to the United States Department of Agriculture.
Despite Sutter’s optimistic tone, agriculture industry analysts said China is still a long way from forking out $50 billion for farm goods from the U.S.