Soybean industry gets $14 million boost from USDA

For soybean farmers like Tanner Johnson, the past year has been tough.

Things are tumultuous,” Johnson said.

The biggest buyer of U.S. soybeans, China, stopped purchasing American products in retaliation for President Donald Trump imposing tariffs on imports. And the war in Iran has caused a spike in oil and fertilizer prices because Iran has shut a major shipping route, the Strait of Hormuz.

“I think a lot of us are operating on razor-thin margins, or even actually penciling a forecast that lost this year, so definitely not out of the hot water yet, that’s for sure,” Johnson said.

To assist farmers like Johnson, the Department of Agriculture has set aside $14 million to develop global demand for American soy.

“Extra funds equals extra resources, hopefully, that will be converted into extra sales and take some of this pressure off for us soybean farmers.”“We’ve been doing this and getting the word out about U.S. soy for a very long time, and this is exciting,” Johnson said. “Extra funds equals extra resources, hopefully, that will be converted into extra sales and take some of this pressure off for us soybean farmers.”

During a recent trip to Wisconsin, Agriculture Secretary Brooke Rollins acknowledged that farmers are struggling.

“This administration is very focused on getting out of the survival mode and into the prosperity mode — and hopefully sooner rather than later — and the USDA program you mentioned will be a really important part of that,” Rollins said.

Johnson is thankful the administration trusts the American Soybean Association, which he is treasurer of, to do a good job with the new tranche of funding.

“We continue to influence new markets and develop current markets, and we have a steady path of growth,” Johnson said.

Johnson added that passing a Farm Bill would also provide certainty to farmers. The legislation recently passed the House, and its fate remains uncertain in the Senate.

Tags: USDA, soybean