American Soybean Association (ASA) First Vice President Mike Yost today expressed great concern about the delay in the U.S. House of Representatives to renew the Administration’s Fast Track negotiating authority for future trade agreements. "We need to have trade agreements. From the outset, the American Soybean Association, has been one of the leaders in agriculture in trying to get Fast Track authority for the Administration because we export 50 percent of our soybean crop. We live and die by exports," Yost stated.

Yost, a farmer from Murdock, Minnesota, and chairman of ASA’s Public Affairs committee, said, "If we don’t have Fast Track, we don’t have trade agreements. No country will negotiate with the United States unless they are sure that Congress can not amend the trade agreements. Other countries will negotiate with the Administration, but they won’t negotiate with the full House and Senate, either of whom can amend a trade agreement without Fast Track authority in place."

Yost said, "We currently have in this country a record soybean crop of about 2.7 billion bushels. That’s up 15 percent from last year, and we need foreign markets to sell our soybeans, both now and in the future. Without trade agreements, the markets we have worked to build and presently enjoy, and those future markets that we need to attract, are in jeopardy. ASA is working with the United Soybean Board to invest more than $20 million of producer checkoff and Foreign Market Develop funds annually to expand global markets for U.S. soybean producers.

"The U.S. soybean industry has several issues right now that must be addressed at the trade table. One is the worldwide acceptance of soybeans grown from seedstock improved through biotechnology. We have market access issues in places like China where we currently have significant sales of soybeans and soybean products. Our access to China is in jeopardy of being shut down at any point in time unless we can nail down that access through trade agreements. We also have phytosanitary issues with countries like India and Poland that need to be addressed in the trade arena to insure our access to those markets," Yost stated.

"Farmers have to realize that over 100 new trade agreements have been negotiated worldwide in the last two or three years and the United States hasn’t participated in any of them, shutting out U.S. soybean producers from potentially lucrative markets," Yost added.

Soybeans were planted on 69.8 million acres this year, representing about 26% of all U.S. crop acres planted in 1997. The United States produces half of the world’s soybean supply and faces competition from South America, Europe, Canada and India. Last year, U.S. soybeans had a farmgate value of more than $16.9 billion, while the value of U.S. soybean and soy product exports exceeded $9.1 billion. This made soybeans the highest value U.S. farm export in 1996, positively contributing to the United States trade balance.