The trade war between Washington and Beijing has had a major impact on the US agricultural space over the past two years with the latest US department of agriculture (USDA) figures shining a light on the difficulties faced by farmers during the dispute.
Robert Johansson, the chief economist of the USDA said on Thursday that close to 25 million tonnes of US soybeans will go unsold in 2019, as a direct consequence of the trade war.
The United States exported 13.5 million tonnes less soybeans to China in the 2019 crop year, said Johansson. US soybean stocks have increased dramatically in the past two years as the trade war takes its toll. Johansson forecast that unsold soybean stocks will more than double to 24.8 million tonnes in 2019.