"We really don't know where the bottom is, but definitely even at this level of prices, many farmers will have big struggles to make a profit this year for sure", said University of Arkansas Agriculture Professor Alvaro Durand Morat.
"China is not a market that appeared overnight", he said, adding that farmers have worked with the Department of Agriculture for decades to develop foreign markets for soybeans.
USA soybean exports will be down a quarter-billion bushels in the coming year due to steep Chinese tariffs on the oilseed, estimated the USDA on Thursday.
It also comes as demand for soymeal has already been hit by losses in the pig farming sector, the report said.
China National Grain and Oils Information Center said China's 25 percent import tariff on USA soybeans will increase USA soybean import costs to between 700 yuan ($105) and 800 yuan per metric ton, which is around 300 yuan higher per ton than the same shipments from Brazil.
Doherty said because of a trucking dispute, Brazil held up the shipment of soybeans, which means a lot of Brazilian beans will soon be coming back onto the market competing with US farmers.
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"The tariff that China recently imposed on US soybeans is expected to cause higher prices for soybeans in China", said USDA analysts in the monthly WASDE report. Prices for soybeans for delivery in November held steady on Thursday.
They are instead loading up on Brazilian soya beans, which now sell at a premium of up to $1.50 a bushel as USA soya bean futures have fallen 17 per cent over six weeks to about $8.50, their lowest level in almost a decade.
In market year 2016-17, exports of major oilseeds, soybeans, sesame and Niger sees, generated almost $360 million in export earnings.
Trump has threatened to impose tariffs on almost all Chinese imports to the US.
Market year 2018-19 soybean production is estimated to hit 120,000 tonnes, up 5,000 tonnes due to an increase in local demand for cooking oil, soy-based foods and livestock feed.
China's soybean imports dropped 10% to 8.7 million tons in June from a month earlier, the General Administration of Customs said on Friday.
No. 3 exporter Argentina has also bought USA soy to supplement its own drought-stricken crop.