China is (or was) the number one destination for exports of American-grown soybeans, but that's no longer the case.
In fact, China is no longer in the market for American soybeans and has canceled all orders through August according to Bloomberg.
“Whatever they’re buying is non-U.S.,” Bunge Ltd. Chief Executive Officer Soren Schroder said in a telephone interview Wednesday. “They’re buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S.” [...]
In the two weeks ended April 19, China canceled a net 62,690 metric tons of U.S. soybean purchases for the marketing year that ends Aug. 31, U.S. Department of Agriculture data show. At this time of year, South American countries typically complete their harvests and become the dominant shippers for several months. Brazil’s lead on global exports is expected to widen to a record in the 2017-2018 season as it sells 73.1 million tons abroad versus 56.2 million from the U.S., the USDA estimates.
Roughly half of all soybeans grown in America are exported to China in a given year so don't be surprised if you see an influx or soybean or soybean-related products appear at your local grocery store for firesale prices. The industry will have to find a new market overseas for their soybeans or dump them locally.
Trump's trade war has barely even begun and China has already drawn blood twice. You may recall that a convoy of ships exporting sorghum out of Texas were recently stopped at sea and told to turn around.
There just isn't a reciprocal amount of damage that we can inflict on China's economy without crashing our own in the process. We need them far more than they need us and the same could be said for most of the world. Americans are not the kings of the global economy they once were in the 20th century.