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Good news for soybean growers

European Union removes an import restriction

February 22, 2019
Farm News

Most years Iowa is a national leader in soybean production. It usually ranks at the top or is a close second. The sale of soybeans grown in Iowa to foreign clients is a major positive contribution by our state to the U.S. trade picture. In recent years, a major portion of the Hawkeye State's soybean crop has been exported to China. That huge marketplace was a problem in 2018 due to tariff wars incident to ongoing negotiations regarding a trade agreement. It's unclear whether or not that situation will improve this year.

There is, however, some good news for soybean producers from the opposite side of the globe.

The market in Europe for American-grown soybeans is improving. Quite recently, the European Commission concluded that U.S. soybean production now meets the conservation practice requirements of the European Union. That means that biodiesel manufactured from American soybeans can now be sold in the EU.

Iowa Gov. Kim Reynolds, who has been a strong champion of Iowa soybeans, reacted enthusiastically to the news from Europe.

"This is great news for our soybean farmers by adding stability with the expansion of targeted global markets like the European Union," Reynolds said. "Iowa is the second largest ag exporting state in the country. So, when an agreement like this one is approved, it means more jobs and economic growth for our state. In addition, we hope this latest announcement serves as a catalyst for successfully completing the trade talks between President Trump and other countries of major importance to Iowa."

That upbeat perspective was shared by the Iowa Soybean Association.

"This is a very exciting development that our industry has been working on for years," Grant Kimberley, the ISA's director of market development, said. "The European Union is a large biodiesel market, and this will enhance soybeans exports even further."

Farm News joins in welcoming this very positive and highly encouraging news. Soybeans and the farmers who grow them are key components of Iowa's economic game plan for 21st-century prosperity. Keeping foreign markets open to our state's soybeans is crucial. We join the governor in encouraging the president and his team to work hard to achieve a trade agreement with China that will keep that immense market viable for the sale of our state's soybeans. We also welcome efforts to market Iowa soybeans worldwide.

 
 

 

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