On one hand, farmers have never been this critical of the Trump administration and the trade war with China. On the other, their love for the president seems to be growing. Support for the president rebounded in the past year, with 67% of farmers saying they'd back him for reelection in 2020, according to a survey of 1,150 growers carried out by Farm Futures between July 21 and Aug. 3. That's up from last year, when backing fell to just under 60% following the introduction of Chinese retaliatory tariffs on American soybeans.
Crazy weather that disrupted Midwest plantings is adding to farmer stress, with growers ranking 2019 as their hardest year ever. A survey conducted by Farm Futures showed that 53% of respondents said 2019 is the most difficult year they've faced as farmers — that includes 49% of baby boomers and mature growers, who lived through the 1980s farm crisis, according to the poll of 711 growers carried out from July 21 to Aug. 3. Results of the survey are being released at the Farm Progress Show in Decatur, Illinois, Wednesday.
In a sign of rising tensions with the farm community, the Trump administration withdrew staffers from a privately run tour of Midwestern corn and soybean fields after a government employee received a threat.
Deere & Co.'s pledge to lower costs and an outlook cut that was less than some investors feared boosted the company's shares as it fights off the effects of a disruptive trade war and a slowing global economy. The world's biggest tractor maker gained the most in seven months, climbing as much as 5.1% after announcing earnings Friday, Aug. 16, to recover some of the losses earlier in the week.
China is stepping up its soybean buying in Brazil as growers in Argentina continue to hoard and the Asian nation avoids American oilseed after an escalation in trade tensions between Washington and Beijing. Private and state-owned companies bought 25 to 30 cargoes of soy from Brazil this week through Thursday, according to people familiar with the matter, who asked not to be identified because the deals are private. That's equivalent to about 1.5 million to 2 million metric tons and is helping push up the premiums buyers need to pay for soy at Brazilian ports.
American farmers already stung by President Donald Trump's trade wars now face billions of dollars in potential losses as controversial data from the U.S. government snuffs out a rally in corn. The Agriculture Department on Monday said farmers planted a bigger corn area than analysts estimated and pegged crop yields that also exceeded expectations, sparking the biggest rout in futures since 2013. That was a blow to growers who were holding back supplies, hoping a rally that started in May due to delayed sowing would extend through the fall.
When you visit a meat plant, humans are completing tasks like stacking pallets and packing chicken drumsticks. But Tyson Foods Inc. thinks robots can do it all.
China probably can't count on Brazil alone to fulfill its soybean needs as the Asian country snubs U.S. supplies amid the yearlong trade war. When President Donald Trump kicked off the tit-for-tat tariff battle last year, Brazil had just finished collecting a bumper crop, allowing the world's biggest soy exporter to almost exclusively meet China's voracious demand. But after shipping record volumes and a growing season that saw weather problems, Brazilian inventories are now dwindling and the next harvest is still months away.
When Xi Jinping first met Donald Trump back in 2017, the Chinese leader said they had "a thousand reasons to make the China-U.S. relationship a success, and not a single reason to break it." Two years on, ties are at their lowest point in decades -- and they appear to be worsening by the day.
China responded to Donald Trump's tariff threat with another escalation of the trade war on Monday, letting the yuan tumble to the weakest level in more than a decade and asking state-owned companies to suspend imports of U.S. agricultural products. The moves are likely to further antagonize Trump, who has criticized Beijing for managing its currency unfairly and failing to keep promises to buy more U.S. crops.