Cheap U.S. prices trump trade war; ISU says ag losses could amount to $2.2 billion

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At least two cargoes of U.S. soybeans are heading to China as some buyers are willing to risk a purchase for historically cheap prices, Successful Farming reports. Grain traffic between the two companies has nearly ground to a halt since China imposed high tariffs on $50 billion in U.S. imports, and the buyers of the two shipments are not known, sparking attention from other traders who say they “wouldn’t dare” buy from the U.S. under the current political environment. Soybeans, of which Iowa is a leading provider, were the biggest U.S. agricultural export to China in 2017, worth $12.7 billion. Meanwhile, a new study from Iowa State University finds that Iowa farmers could lose up to $2.2 billion in the growing trade wars with China and other countries. Iowa’s soybean industry could see losses between $159 million and $861 million; Iowa’s pork industry could lose between $558 million and $955 million.