Pretty substantially. The Department of Agriculture is out with some surprising soybean export figures for the first couple of months of Chinese tariffs.
USDA says the first 11-months of the fiscal year ended September 30th show a seven-percent drop in soybean export value and three-percent volume drop from the previous fiscal year.
However, much of that is before punishing Chinese tariffs took effect in July and August. USDA Trade Economist Bryce Cooke says those two months show surprising soybean exports:
But, how can that be, with U.S. soybean sales to China cut off, and soybean prices down? Cooke says the European Union and others are picking up the slack, though some are skeptical the EU’s made a long-term commitment.
Cooke says U.S. farm exports are up, overall:
And with $10.4 billion in farm imports, that left a U.S. trade surplus in ag goods for August of $600 million.