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President Donald Trump trade issue with China changed the way farmers were planning, growing and harvesting food crops. Many farmers this year planted soybeans, which was not sold as expected, hence, they are preparing to plant corn next year in the same fields. This was discussed at a meet, where the representative Tim Brusnahan said the top importer of soybean has been stopped from buying the output, especially, at the time when growers are having a bumper crop, hence, the farmer need to grow other crops such as corn. It may take some time to finally settle down the trade matter, while, the farming community need to realize the strategy before next cropping opportunities.
Soybean futures declined to the lowest in last ten years at the exchanges and the growers are selling to local buyers at a greater discount rate. Some of the biggest stocks of soybeans are held by farmers where some of the regions such as Illinois lacks storage for harvests more than 100 bushels- the region has more soybeans as compared to other areas. Traders say many farmers missed the opportunity to sell the crops at higher rates earlier, and now the output is fetching around $10 a bushel. North Dakota growers had the opportunity to switch to other grains e.g. spring and winter wheat, where corn is expected to be in the range of $3.50 or above, while; soybean is, currently, overpriced, due to lowering demands.
The farm belt in US Iowa suffered the most from the latest developments, where the trade agreement with the established patterns have been revised where the negotiation included the largest importer of US corn - Mexico , that has been looking for other suppliers of the grain for the current season.
Farm equipment price drops
Prices have dropped amidst trade tensions of used farm equipments such as tractors, and farmers are analyzing the pros and cons of buying chemicals and seeds for the coming season.
The companies such as Bayer are unable to predict earnings for 2019 and farmer’s bank balance sheets have been hit by such changes. Farm loan repayment has been an issue since the last quarter. Some agriculturists kept crops stored for better times and some believe even if the trade war ends, China may not buy US soy.
A string of recalls were made for a variety of foods from retailers in Wal-Mart , Whole Foods, Trader Joe and others due to suspected contaminated corn found in some of the varieties. Spokesperson at USDA claimed McCain Foods is recognized as the supplier where the supplied grains have been found to be contaminated by Salmonella bacteria, and Listeria monocytogenes. No confirmed illness related to the food items or the reasons for contamination has been found. The ingredients from McCain dried tomatoes and caramelized mushrooms have been found to be contaminated with Salmonella and Listeria monocytogenes.
Many different types of foods have been affected by tariffs where seafood producers are supporting government’s decision, where the fishermen believe it gives opportunities for equal price. Some growers believe if the government wanted to help farmers, shrimp producers or steel workers, they should have subsidized the final items and not distorted customer choice.
To find out more about US grain investment 2019, check 99 Alternatives at (http://www.99alternatives.com).
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