America’s two largest crops, corn and soybeans, have seen their prices drop substantially since President Trump started his trade wars. At current prices many farmers could lose money on every acre they plant this year.
of federal data.” It added, “Twice as many farmers in Illinois, Indiana and Wisconsin declared bankruptcy last year compared to 2008, according to statistics from the 7th Circuit Court of Appeals. Bankruptcies in states from North Dakota to Arkansas leaped 96 percent, according to figures from the 8th Circuit Court of Appeals.”Selling forward may help but still could be short of last year’s prices
Farmers forward sell a portion of their crops to lock in prices during the growing season per Newton at the Farm Bureau. This may have mitigated some of the downturn in corn and soybean prices last year, but this year prices are starting at low points. Corn was about $3.90 per bushel before Trump’s trade wars started in March last year . Its price initially increased to a high of $4.10, but fell below the $3.90 level less than two months later. It rebounded slightly
but has slowly deteriorated over the past four months. It fell substantially on Friday, down almost 5% to $3.57 per bushel, a price it hasn’t seen since October last year.doesn’t get back above $3.90 per bushel until March next year as of Friday’s price. If it were to reverse its one-day slide, corn’s price would get back to $3.91 per bushel in September this year.Soybeans were about $10.50 per bushel before Trump’s trade wars started.
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