Get the latest market trends in your inbox
Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
Workers transferring sacks of animal feed made from soybeans imported from Brazil at a port in Nantong, China. Photo: AFP via Getty Images
Prices for U.S. agricultural exports plummeted 5.3% in July, driven primarily by a 14.1% decline in soybean prices, according to the Bureau of Labor Statistics.
Why it matters: In 2016, soybeans accounted for 12% of U.S. exports to China, prompting American farmers to ramp up their production. China is now attempting to curb its consumption of soybeans as part of its escalating trade war against the U.S., helping drive the largest single-month drop in farm export prices since October 2011.