U.S. Farmers Brace For Soybean Glut As China Cuts Imports

Benzinga

U.S. soybean farmers face a glut as China slashes purchases from nearly 1B to 200M bushels, driving prices down. With exports collapsing, Trump is weighing up to $14B in tariff-funded aid to support struggling growers.

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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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