> Soybean farmers hope for a deal as China and US pause tariffs
Soybean farmers hope for a deal as China and US pause tariffs
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Description
Farm country voted heavily for Donald Trump last November. Now many farmers are taking a wait-and-see attitude toward the Republican president’s disputes with China and other international markets.
More than half of U.S. soybeans are exported internationally, with roughly half of those going to China, so it’s a critical market.
Monday’s announcement of a 90-day truce between the two countries backed up the reluctance of many farmers to hit the panic button.
More good news came in an updated forecast from the U.S. Department of Agriculture that predicted somewhat lower soybean exports but higher domestic consumption, resulting in higher prices.
Soybean futures surged, though time will tell whether those hopes are justified.