Commerce's Ross Believes Soybean Price Drop 'Exaggerated'

U.S. lawmakers this week have stepped up their criticism of steel and aluminum import duties put in place by the U.S., with a Senate Finance Committee session with Commerce Secretary Wilbur Ross bringing those views to the forefront.The current tit-for-tat over steel and aluminum and other trade policies mean U.S. farmers "are bearing the brunt of retaliation for these actions," Senate Finance Chairman Orrin Hatch, R., Utah, told Commerce Secretary Wilbur Ross during the hearing.Hatch said the Trump administration’s tariffs and trade policies are hurting US manufacturing and agriculture without showing a clear strategy for countering China. Ross said the huge spike in steel prices “is not a result of the tariff” but of “antisocial behavior by participants in the industry” — behavior triggered by the tariffs.When Senator John Thune, R-S.D., warned that the resulting soybean price decline was costing South Dakota soybean farmers hundreds of millions of dollars, Ross responded by saying he heard the price drop “has been exaggerated.” He also blamed the price drop on market speculators.Sen. Chuck Grassley, R-Iowa, said the price fall for soybeans equated to $61.25 per acre