RANDOM LAKE, Wis. — China agrees to resume purchasing American soybeans, bringing welcome news to soybean farmers in Wisconsin. The state has 16,000 soybean farmers.
Steve Wilkens is one of them in Random Lake. His family owns Silver Creek Farms.
"We've been in this general area since the late 1850s. We hope to stay here for many generations," Wilkens told TMJ4.
China agreed to buy 12 million metric tons of soybeans from the United States between now and January. Treasury Secretary Scott Bessent says it is part of the deal for the country to purchase 25 million metric tons annually for a period of three years. This all comes after China refused to buy soybeans from the U.S. since May.
"It was difficult. The weakness of the soybean market was a little bit hard to not notice," Wilkens said about China's boycott of American soybeans.
Watch: WI soybean farmer welcomes news that China will resume buying American soybeans
Wilkens believes the new agreement brings market stability.
"I'm positive about it. It's better than where we were yesterday. We'll let tomorrow take care of itself. So to not have it would continue to mean that we would have large supplies on the marketplace. This would help take some of them, and that's a strong positive," Wilkens explained.
Wisconsin produces more than $1 billion worth of soybeans. Most go to the global market.
Wilkens hopes this agreement stays and allows room to grow.
"To help people understand the magnitude of trade and something such as this is important because it helps keep our rural area strong, and our family farm, strong as well," Wilken said.
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