RALEIGH, N.C. — North Carolina Agriculture Commissioner Steve Troxler is welcoming news that China has pledged to resume purchases of U.S. soybeans, calling the development a major boost for farmers who have struggled with low prices and limited export opportunities. In an interview, Troxler said the announcement could help strengthen international trade and provide long-term benefits for North Carolina’s agricultural economy.
“Well, my first reaction was a big “Yahoo!” We are so dependent on international trade that this is wonderful news,” Troxler said. “If you look at the United States, I think I’ve seen figures showing that one in every four rows of soybeans we grow in the United States actually goes to this area of the world. So, you can see what a big deal it is — and it’s a big deal in North Carolina. We are dependent because 95% of the world’s population lives outside the United States.”
There are so many opportunities abroad that, in the department, we actually have a Division of International Markets that does nothing but help our farmers and agribusiness people get into these international markets. So, this is welcome news, but I hope it’s just the beginning.
When asked whether China’s renewed commitment to buy U.S. soybeans would have an immediate effect or a longer-term impact, Troxler said the announcement could bring benefits as soon as this year.
“Well, yes, it can impact this year,” Troxler said. “Even the beans that have been harvested — most of them are in on-farm storage — so this probably will mean, we hope, that there is a rise in prices. The prices have been so low on all of our commodities [that] there was no profit margin. So, we do hope this raises the market for soybeans and also other products.”
Ultimately, Troxler says he’s hopeful this announcement will lead to a more normalized trade relationship with China.