On June 5438+00, the US Department of Agriculture predicted that the US soybean production would hit a record high in 20 18, but American soybean growers were unhappy and worried about the disastrous consequences of the US government's trade war.

On the same day, the National Bureau of Agricultural Statistics of the U.S. Department of Agriculture released a report, which predicted that the U.S. soybean output would reach a record high this year, 4% higher than that of 20 17, reaching 4.59 billion bushels.

Since the United States announced the imposition of tariffs on $50 billion worth of goods imported from China, China has taken the same countermeasures, including imposing tariffs on soybeans imported from the United States. Previously, China was the largest export destination of American soybeans, and about one third of American soybeans were sold to China every year.

According to USDA's forecast, from 20 18 to 20 19, US soybean stocks will climb to a new high of 785 million bushels, up 80% from last year.

After the USDA report was released, the August soybean futures price on the Chicago Board of Trade fell by about 4.7% to $8.46 per bushel. Since China imposed tariffs on American soybeans, soybean prices fell to the lowest point in nearly a decade in July.