President Trump’s $16 billion aid package for farmers hit by the trade fight may not be enough to end larger issues plaguing agriculture. Trader Scott Shellady, at TJM Brokerage, told Yahoo Finance’s The First Trade that in many ways the farm sector is a victim of its own success.
With better production comes lower prices, something many farms have been struggling with for decades. Good weather in recent years, coupled with strong growing seasons, have resulted in an abundance of soybeans for sale here and overseas. China was once the number one foreign customer for U.S. soybeans, buying some 60 percent of U.S. exports. But U.S. Department of Agriculture data shows exports to China plummeted by more than 80 percent earlier this year. Just some 5 million metric tons of U.S. soybeans were shipped to China between October, 2018 and March, 2019. A year earlier the exports topped 23.8 million metric tons.
YahooFinance Farmers are a little slow if their crops sales are dependent on China
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