Industry reports say America’s soybean farmers are nearing a financial cliff and won’t survive another drawn-out trade war with China, one of the world’s biggest soybean buyers.
Caleb Ragland, president of the American Soybean Association, sent a letter to the White House urging the administration to reach a deal with China to remove the duties and, if possible, to include significant soybean buys.
“U.S. soybean farmers can’t survive a prolonged dispute with our largest customer,” Ragland said. “Soybean farmers are under extreme financial stress as prices drop and costs for inputs and equipment continue to climb.”
In response to a Bloomberg article, the White House said the president “cares about farmers.”
Ragland’s letter points out that China hasn’t purchased any U.S. soybeans for the months ahead as America quickly approaches harvest. With no deal between China and the U.S., the extra bushels will make a bad situation much worse.
