Soybean farming is big business – a $50 billion or more business, to be precise, and the second largest US cash crop, after corn.
(In fact, soybeans are the largest exported crop, with a value of $28 billion.)
At least, that’s how it was last year.
Unfortunately, one of the largest buyers of US soybeans worldwide has so far purchased zero US soybeans since the launch of the trade war.
(As if US farms needed more bad news…)
That’s China – which accounted for $12.8 billion of US soybean sales in 2024. Now, there’s still time for China to make up the deficit, but things aren’t looking great.
And a handful of US states which produce a disproportionate percentage of soybeans will, unfortunately, likely suffer the most.
Those states are:
- Illinois
- Iowa
- Indiana
- Minnesota
- Missouri
- Nebraska
- Ohio
So, it’s fair to say that the US Midwest is going to have a rough go of it.
How do we escape from this trade war? Share your ideas in the comments section!
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