00:00It's Benzinga bringing Wall Street to Main Street.
00:02American soybean farmers are facing mounting panic as they harvest a record crop without China,
00:07their biggest buyer, according to the Wall Street Journal.
00:09Chinese purchases have plunged just over 200 million bushels this year
00:12from nearly $1 billion a year ago, intensifying its supply glut and sending prices lower.
00:17Farmers say the loss of China's market, once half of $24.5 billion in annual U.S. soybean exports,
00:24has left them scrambling to find new buyers in Asia and Africa,
00:26while the EU, Mexico, and smaller markets like Vietnam and Tunisia have stepped up purchases.
00:32Growers say they can't replace China overnight.
00:34President Trump said he plans to announce farm stuff this week to cushion the blow,
00:38with the White House considering $10 billion to $14 billion in additional aid funded by tariff revenue.
00:43For all things money, visit Benzinga.com.
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