US pork and beef have been placed on a list of products expected to get improved trade treatment from China, a step the Meat Institute says lays the ground for tackling high retaliatory tariffs.
CropsSoybeans were left off the list of goods offered easier treatment after President Trump met President Xi Jinping, and futures fell 31 cents a bushel, costing growers about $20 an acre, an Iowa farmer says.
Market ManagementNew US-China trade commitments announced on 27 September include lower Chinese tariffs on US corn, wheat, sorghum, meat and dairy, but soybeans keep an extra 10 percent duty and no start date has been set.
Market ManagementChina has pledged 25 million tonnes of US soybeans a year through 2028 and bought about a million tonnes in the week before the talks, while a tariff truce expiring in November and new US drone duties complicate the summit.
The American Soybean Association has written to President Trump ahead of his meeting with Xi Jinping, asking that China honour its commitment to buy at least 25 million tonnes of US soybeans a year and drop its 10 percent retaliatory duty.
