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The U.S. has eliminated or negotiated reduced tariffs on soybeans across several different trade agreements. Why...

The U.S. has eliminated or negotiated reduced tariffs on soybeans across several different trade agreements. Why do you think that is the case?

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This was not the case before 1970 and in the middle of the decade of the 1980s.The marketing loan program in the U.S started in 1986 for rice and upland crop and was extended to soybeans.The PFC payments, introduced by the Fair Act ,were an attempt to move towards income support rather than price support.Soybeans were not eligible for PFC payments.

With the elimination of acerage controls the PFC payments provided extra operating capital that allowed farmers to expand area.This took place for products that had higher returns per hectare.This increase in the loan rate for soybeans Us$5.26 per bushel in the 1997/1998 marketing year triggered a substantial expansion of soybean acerage at the expense of other crop.

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