(Dow Jones) -- While China's fresh 25% tariff on U.S. soy imports announced Wednesday have hit prices hard -- soy is down 3.9% at $9.98 a bushel -- "there's not enough soybeans in the rest of the world" for China to do without U.S. soybeans, says Rabobank's Stefan Vogel. In 2017-18, the U.S. will produce 35% of the world's soybeans, according to the U.S. Department of Agriculture's most recent estimates. "The US needs to be part of that supply to the Chinese market and prices need to be low enough," Mr. Vogel says.
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