{"id":1815,"date":"2018-12-11T17:18:56","date_gmt":"2018-12-11T09:18:56","guid":{"rendered":"https:\/\/www.agrinoon.com\/agriculture\/?p=1815"},"modified":"2018-12-11T17:18:56","modified_gmt":"2018-12-11T09:18:56","slug":"us-farmers-plan-grow-fewer-soybeans-2019","status":"publish","type":"post","link":"https:\/\/www.agrinoon.com\/agriculture\/2018\/12\/11\/us-farmers-plan-grow-fewer-soybeans-2019\/","title":{"rendered":"US farmers plan to grow fewer soybeans in 2019"},"content":{"rendered":"
When President Donald Trump was having the highly-anticipated dinner with China\u2019s President Xi Jinping at the G20 summit, farmers in the Midwest had just finished harvesting their crops and were busy placing seed orders for next year.\n<\/div>\n
Like many investors, they were closely watching the meeting, and as expected agricultural products came up in the discussions. According to the White House, China has agreed to buy agricultural products from the U.S. immediately. \u201cFarmers will be a very BIG and FAST beneficiary of our deal with China,\u201d Trump tweeted following the meeting.\n<\/div>\n
But so far, farmers are hesitant to believe Trump and his cheerful promises. \u201cI don\u2019t think there is anyone changing their crops mix up for spring today from last week. Even if China starts to buy, the question is, how big the buy will be?\u201d said Kristin Duncanson, a soybean farmer in Minnesota. \u201cWe\u2019re hopeful, but we\u2019ll be cautious.\u201d\n<\/div>\n
While the temporary U.S.-China trade war ceasefire is good news to many, some farmers have decided to grow fewer soybeans next year after a painful 2018. China used to be the largest purchaser of U.S. soybeans, but the market plunged 98% from the $1.2 billion imports in January. China levied a 25% tariff on U.S. soybeans in a retaliatory strike and turned to other soybean growers like Brazil.\n<\/div>\n
Soybean plants in the U.S. hit a record 89.1 million acres planted in 2018. The U.S. Department of Agriculture expects it to drop 7.4% to 82.5 million acres in 2019 \u2014 the largest year-over-year decline since 2007.\n<\/div>\n
\u201cWe do not see much promise in soybeans for next year as basis continues to reveal that the market does not want soybeans, and there is a lot of soybeans from 2017 that have not been moved,\u201d Scott Henry, who runs a family farm named Long View in Iowa, told Yahoo Finance. \u201cThis will take a while to chew through and so we are continuing to anticipate higher corn acres on our farm next year.\u201d\n<\/div>\n
Farmers turn to corn for safety<\/strong>\n<\/div>\n
\"\"\n<\/div>\n
Henry\u2019s plan echoes many other farmers across the country. Blake Hurst, who has been a farmer for 40 years, usually grows half soybean and half corn, and rotates the two crops every year at his family farm in northwest Missouri. Having seen the disruption in the market by the trade war, he has purchased more corn seeds than in previous years and plans to shift 5%-10% of production to corn.\n<\/div>\n
Most farmers don\u2019t want to gamble by cutting all of their soybean production since they still sell soybeans to other countries, including Mexico, Netherlands and Japan. But the trade dispute with Beijing doesn\u2019t just cause them to lose the big market, it also affects soybean prices, which has been down more than 5% since the beginning of this year.\n<\/div>\n
Although Hurst has paid for his corn seeds, he is still waiting to see if any breaking deals happen. \u201cUntil planting on the ground in late March, we can make the changes if needed,\u201d he said. The current deadline for China to strike a trade deal with the U.S. is March 1.\n<\/div>\n
Until then, he will keep a close eye on the Trump\u2019s Twitter feed, which sometimes sends mixed messages. \u201cI do not like Mr. Tariffs man, that was not helpful,\u201d said Hurst, referring to a tweet in which Trump called himself \u201ca Tariff Man.\u201d<\/div>\n
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Source<\/strong>:\u00a0Yahoo Finance<\/a><\/span><\/h4>\n<\/div>\n
<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

When President Donald Trump was having the highly-anticipated dinner with China\u2019s President Xi Jinping at the G20 summit, farmers in the Midwest had just finished harvesting their crops and were busy placing seed orders for next year. Like many investors, they were closely watching the meeting, and as expected agricultural products came up in the… Continue reading US farmers plan to grow fewer soybeans in 2019<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1815","post","type-post","status-publish","format-standard","hentry","category-industry-news","entry"],"yoast_head":"\nUS farmers plan to grow fewer soybeans in 2019 - agrinoon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.agrinoon.com\/agriculture\/2018\/12\/11\/us-farmers-plan-grow-fewer-soybeans-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US farmers plan to grow fewer soybeans in 2019 - agrinoon\" \/>\n<meta property=\"og:description\" content=\"When President Donald Trump was having the highly-anticipated dinner with China\u2019s President Xi Jinping at the G20 summit, farmers in the Midwest had just finished harvesting their crops and were busy placing seed orders for next year. 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