Soybean farmers are still paying for President Trump's trade war
Washington President Donald Trump's trade war made last year tough for American soybean farmers, but 2019 could be the year they really start feeling the pain -- despite Beijing's pledge to resume buying from the United States.
The amount of soybeans sitting in storage in December hit a record high of 3.7 billion bushels, according to new data from the US Department of Agriculture. That's equivalent to about 80% of the total US harvest last year. Even if China follows through on the additional purchases officials have pledged in trade negotiations, there could still be 900 million bushels for soybeans in storage at the end of this season -- more than the entire crop grown in Iowa, one of the biggest producers.
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