Recent decisions by the Indonesian government could benefit soybean farmers from thousands of miles away. Indonesian officials recently removed the need for import permits and quotas for soybeans, which could lead to larger profits for U.S. farmers.
High international prices and a struggling currency have pushed up Indonesian soybean prices. Manufacturers of soy-based tempeh and tofu, which are popular dishes in Indonesia, went on strike in response to the high prices. This led to officials relaxing their soybean-importing rules, which could mean more exports for U.S soybean farmers.
Indonesia imported the fourth-most U.S. soybeans last year at 65.1 million bushels. It is expected to be the biggest soybean buyer in Southeast Asia this year with a majority of its imports coming from the United States.