April 7, 2025

Sponsored by the American Farm Bureau Federation

China Announces Retaliatory Tariffs on U.S. Goods

China’s Finance Ministry will impose a 34 percent tariff on all U.S. imports starting on April 10. CNBC says it’s a response to duties imposed by U.S. President Donald Trump. China’s state news agency says the Chinese government is calling on the U.S. to immediately cancel its unilateral tariff measures and resolve trade differences between the two countries in a manner beneficial to both sides. The ministry also said the now-54 percent tariffs on Chinese imports into the U.S. are “inconsistent with international trade rules and seriously undermines Chinese interests.” It also endangers global economic development and the stability of supply chains around the world. Bloomberg says the two countries are locked in a stalemate over China’s alleged role in the flow of fentanyl into America, which Trump cited as a reason behind the previous two rounds of tariffs. The commodity likely hit hardest by Chinese tariffs is U.S. soybeans.

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FAPRI Releases 2025 U.S. Ag Market Outlook

The Food and Agricultural Policy Research Institute at the University of Missouri released its 2025 U.S. Agricultural Market Outlook report. The outlook for U.S. farm finances is characterized by two competing story lines. For producers of many crops, net returns are down sharply from recent peaks as output prices have declined more than input costs. The cattle sector, in contrast, is experiencing record prices and returns to cow-calf producers. At the same time, uncertainty surrounding domestic programs and trade policy is unusually high. Corn prices, which peaked at $6.54 a bushel in 2022-2023, are projected to average $4.23 for the crop harvested in 2025. Soybean prices reached $14.20 per bushel in 2022-2023 and are projected to drop to $10.02 a bushel in 2025-2026. Prices for cotton, rice, sorghum, and many other crops have also declined sharply from recent peaks. Egg price volatility will continue depending on the prevalence of future HPAI disease outbreaks. 

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Ag Groups Call for Swift Trade Resolution

U.S. agriculture groups are responding to the reciprocal tariffs announced by President Donald Trump by calling for a swift resolution to the trade conflict. “Approximately 15 percent of the U.S. corn crop is exported every year, and international markets are critical to our bottom line,” says National Corn Growers Association President Ken Hartman Jr. ‘So, we are well aware of the potential effects that these new tariffs could have on corn growers who are already facing a troubling economic landscape.” Also, the ten percent baseline tariffs on all countries and the individualized tariff rates on about 60 countries impact all of U.S. soy’s top ten markets. “We’re hoping that from obstacles can come opportunity and that the administration will swiftly work with the affected countries to create new market opportunities for U.S. soy,” says American Soybean Association President Caleb Ragland. The group wants a quick update to the U.S.-Mexico-Canada Agreement. 

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Weekly Export Sales Improve

The USDA says export sales of corn, beans, and wheat all rose week-to-week during the seven days ending on March 27. Corn sales during those seven days totaled 1.17 million metric tons, which the agency said was up 13 percent from the previous week and six percent from the prior four-week average. South Korea was the biggest buyer at 339,400 tons. Export sales for the week rose nine percent to 1.81 million tons. Soybean sales were reported at 410,200 metric tons, up 21 percent from the previous week but down nine percent from the four-week average. China was the top buyer at 285,900 tons of U.S. beans. Exports of the oilseeds fell by nine percent to 841,900 metric tons. Wheat sales jumped to 340,000 metric tons from 100,000 tons the prior week and were 40 percent higher than the four-week average. Ecuador was the top wheat buyer, purchasing 71,900 tons.

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NCBA Applauds New Tariff Policy

Ethan Lane, the senior vice president of the National Cattlemen’s Beef Association, attended President Donald Trump’s reciprocal tariff announcement at the White House. “For too long, America’s family farmers and ranchers have been mistreated by certain trading partners around the world,” he said after the event. “NCBA will continue engaging with the White House to ensure fair treatment for America’s cattle producers around the world and optimize opportunities for exports abroad.” As an example, Australia has sold roughly $29 billion worth of beef to American consumers. Meanwhile, Lane said America hasn’t been able to sell even $1 of fresh U.S. beef in Australia due to non-scientific barriers. Vietnam has a 30 percent tariff on U.S. beef, while Australian beef faces no such tariff. Thailand places a 50 percent tariff on U.S. beef. Brazil and Paraguay each have a history of dangerous foot-and-mouth disease yet still have full U.S. market access.

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USB Celebrates Soy Foods Month

As the conversations around seed oils grow, U.S. soybean farmers can be confident that their investment in the edible oils market is backed by strong, peer-reviewed science. Research continues to reaffirm the health benefits of seed oils, particularly soybean oil, emphasizing its value in the food industry and strengthening consumer trust in U.S. soy. This Soy Foods Month, the United Soybean Board is highlighting the essential role of soybean oil in American diets. This product continues to benefit consumer health and drive profitability for U.S. farmers. “The Soy Checkoff invests to protect U.S. soybean farmers’ stake in the edible oils market and uphold the reputation of the healthiness of soybean oil,” says Sara Stelter, USB farmer-leader and Wisconsin farmer. “Together with our partners, we’re working to reclaim the narrative around seed oils.” Despite the misinformation circulating about seed oils, the Soy Checkoff is leading efforts to set the record straight.

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