The possibility of a record soybean harvest will only add to the woes of an industry already "devastated" by escalating trade tensions between the United States and China, Ohio soybean farmer Chris Gibbs told CNBC on Friday.

Earlier in the day, the U.S. Department of Agriculture predicted U.S. soybean production for the 2018-19 crop year would hit 4.586 billion bushels, topping market forecasts. The news sent soybean futures plunging on Friday, falling more than 4.5 percent. It was their worst day since the July low.

"The effect of the trade war has been very devastating on soybean farmers here. We've taken a 20 percent drop in price," Gibbs said on "Power Lunch."

"What we're seeing with market action today only exacerbates the fact that we have lost our No. 1 customer because of the trade wars."