LEBANON — China has agreed to resume purchases of U.S. soybeans, Agriculture Secretary Brooke Rollins said Thursday during a visit to a family farm in Lebanon. This development could provide relief for Indiana farmers hit by earlier trade disputes.
Agriculture contributes about $35.1 billion to Indiana’s economy, and the deal is aimed at helping soybean farms across the country. Rollins said China will buy 12 million tons of soybeans in the next 12 months and 25 million tons in 2026 through 2028.
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“Our yields have been 10, 20 and 30 percent higher than they have ever been,” said Tyler Everett, a fifth-generation corn and soybean farmer. “I mean, we've seen yields out here like no other, and that doesn't mean a dang thing if the prices aren't there. I mean, we can have record yields and not make any money or profit.”
Everett said he is cautiously optimistic the agreement could help balance the market.
“Things are looking up. I heard $11 January soybeans, which I never thought in my wildest dreams I'd be happy about — $11 soybeans when a few years ago they were $16 or $17 — but yes, we are very happy,” he said.
Rollins emphasized that the work is not finished.
“We can't be so reliant on one market for our farmers to sell in. Hopefully, we are happy Kumbayaing together for a long time with China, but we may not be. And if we aren't there, our soybean farmers are going to be in exactly the same position,” Rollins said.
Farmers said they also want expanded domestic uses for their crops, particularly in ethanol production.
“If we get year-round E-15, that would just throw the markets through a big loop and really open everything up for all of the farmers,” Everett said.
Rollins also visited the National FFA convention in Indianapolis on Thursday, where she spoke to future farmers and said additional trade deals are being negotiated to give producers more options for selling their products.
