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Oklahoma soybean farmers frustrated over price drop

ARIQUEMES, BRAZIL - JUNE 26: Soy plants grow in a soy field in deforested section of the Amazon rainforest on June 26, 2017 near Ariquemes, Rondonia state, Brazil. Soy production in Brazil is a significant contributor to deforestation. Deforestation is increasing in the Brazilian Amazon and rose 29 percent between August 2015 and July 2016. According to the National Institute for Space Research, close to two million acres of forest were destroyed during this timeframe amidst a hard hitting recession in the country. According to the Environmental Defense Fund, 'Deforestation causes climate change on a global scale, and is responsible for about 15 percent of the world's greenhouse gas emissions." (Photo by Mario Tama/Getty Images)

OKLAHOMA CITY – Oklahoma soybean farmers say they’re frustrated over a 20 percent price drop, but they’re not ready to blame President Donald Trump for starting a trade war with China that has targeted their commodity.

Trump imposed tariffs earlier this month on $34 billion worth of Chinese products to improve the overall U.S. trade position. That prompted China to impose tariffs on many imported American goods, including a 25 percent tariff on soybeans.

Soybean farmer Steve Wooderson of Blackwell told The Journal Record he doesn’t know how much of the recent drop in soybean prices is political and how much of it’s due to an increase in soybean acres.

The National Agricultural Statistics Service says soybeans are about the eighth most valuable agricultural commodity in Oklahoma, worth about $100 million annually.