Trump admin to pay $2 per bushel for soybeans to help farmers to offset trade war: Bloomberg
WASHINGTON/CHICAGO - The Trump administration is considering direct payments to U.S. farmers of $2 per bushel for soybeans as part of an aid package to offset the trade war with China, Bloomberg reported on Tuesday, an offer that could encourage more soy planting despite record supplies.
China bought some 60% of U.S. soy exports in 2017 but curbed purchases last year when U.S. President Donald Trump imposed tariffs on Chinese goods, prompting China to retaliate with tariffs on U.S. soy, pork, corn and other products. Farmers across the central United States are in the midst of planting corn and soybeans and fighting against rains that are delaying their progress. Growers who have not yet planted corn could switch acres to soybeans to cash in on the U.S. aid payments, if the program is based on 2019 acreage.
Agriculture Secretary Sonny Perdue last week said the new aid package was likely to be $15 billion to $20 billion, exceeding the up to $12 billion in aid rolled out last year to farmers. Most of it was likely to be direct payments, sources told Reuters. "The reason beans went south is, they saw that $2 a bushel, and that will entice them to plant beans until the July 4th weekend."
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