U.S. Farmers Stung by Tariffs Now Face a $3.5 Billion Corn Loss

[jpak]

Source: Bloomberg

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.

The decline represents a potential loss of almost $3.5 billion for U.S. farmers, according to the American Farm Bureau, and is another setback for them after prices fell following the USDA’s previous acreage report, which was widely criticized for containing outdated data.

The latest data is compounding the pain from the trade war between Washington and Beijing, which has significantly reduced purchases from the world’s largest soybean buyer. Policy uncertainty has also hit the farm economy as a new U.S. deal with Mexico and Canada is yet to be passed. What’s more, the government is allowing 31 oil refineries to go without blending ethanol into fossil fuels, hurting demand for corn.

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Read more: https://www.bloomberg.com/news/articles/2019-08-13/u-s-farmers-stung-by-tariffs-now-face-a-3-5-billion-corn-loss

[stopbush]

1. "Trade wars are easy to win." - The Rapist-in-Chief

[truthisfreedom]

7. child-rapist-in-chief.

[Botany]

32. Trump doubles down: 'Trade wars are good, and easy to win'

https://www.cnbc.com/2018/03/02/trump-trade-wars-are-good-and-easy-to-win.html March 2018


Stocks plunged this afternoon in Wall Street’s worst day of the year, as the trade war between the United States and China entered a dangerous new phase that could imperil the historic U.S. recovery.

The Dow Jones Industrial Average and the S&P 500 both fell 3 percent. Oil crashed. The spread between three-month and 10-year Treasury rates—the “yield curve,” which has historically served as a prescient indicator of the economy—inverted to its widest level since 2007, the year the U.S. fell into the Great Recession. August 2019

https://www.theatlantic.com/ideas/archive/2019/08/trade-wars-are-not-good-or-easy-win/595546/

[rurallib]

2. mother fucking incompetent bastards

and now they are going to decimate the Ag department by sending it to Kansas City and having much of the good people quit.

[bronxiteforever]

18. +1000

[B Stieg]

3. Obama saved the U.S. auto industry...

and tRump is destroying agriculture in this country...

[Iliyah]

4. I'm a genius and know more than generals . .

I'm also an excellent businessman . . .

Shithole 101

[BigmanPigman]

5. What happened to all those subsidies

that were going to save them?

[SeattleVet]

19. Well, Chuck Grassley made sure he got his share.

Twice.

https://www.desmoinesregister.com/story/news/politics/2019/05/24/chuck-grassley-seek-federal-farm-bailout-cash-offset-donald-trump-tariffs-china-trade-war/1209374001/

[BigmanPigman]

21. Typical GOP attitude...."I come first"

and screw everyone else. They only care when it his them in their own wallet.

[LastLiberal in PalmSprings]

33. The majority of the funds went to just a few large corporations.

And a few well-connected senators, like Chuck Grassley.

[BigmanPigman]

35. And the Con thinks the other farmers won't notice this?

Uh huh. He doesn't have much respect for the average farmer.

[BlueIdaho]

6. There is a problem with letting Trump be Trump... nt.

[nycbos]

8. As Mr. Krabs might say

[Me.]

9. US Democrats Stung By THeir Votes

Hope they now realize that votes have consequences.

[SCVDem]

10. So much winning!

I recall the farmers were the most in your face bunch when it came to supporting the orange ass.
We were snowflakes and he was your savior. They drove their tractors in the inauguration fiasco.

How'd that work out for ya?

Personally I like corn at 4 for a buck.

[oasis]

28. +1

[NCjack]

11. MAGAts, are you tired of winning? nt

[bucolic_frolic]

12. Tariffs are paralyzing the economy with indecision by consumers, businesses

No one wants to pay more. Shall I wait? The tariff could be gone, or on again. Better wait.

Should I invest in my business? No one knows if consumers will be buying, here or overseas. Better wait.

Will the currency wars hurt or help pricing. No way to know. Better wait.

This is why recession is inevitable. Trump will never get off the pot on tariffs if only because he has no idea what is going on.

[cstanleytech]

16. Actually he might very well know because he could be planning on having his kids and friends buy up

as much foreclosed assets as possible on the cheap.

[questionseverything]

27. it is exactly the thing to watch...who buys up the farms

n/t

[amuse bouche]

13. They were dumb enough to support this asshole...So ....I Really Don't Care, Do You?

[durablend]

14. Guess "sticking it to teh libs" has a price, eh farmers?

[cstanleytech]

15. I feel exactly this . amount of sympathy for any farmer that supported Trump and even less for

the ones that still do if this trade war hurts them.

[wasupaloopa]

17. Farmers still say trump is sticking it to China. Faux news reports every day how much in tarrifs

China has paid.

[Rebl2]

20. Really don't

Care. They voted for him knowing he would impose tariffs on China. Guess they didn’t really understand how it might affect them.

[onecaliberal]

22. #MAGA Markets Are Gone Already

[wellst0nev0ter]

23. Good

Fuck the trump-voting goobers

[wishstar]

24. Seems to contradict recent report that WH was pushing for more ethanol in gasoline

if instead the govt is allowing 31 refineries to not blend any ethanol at all into fuel. More of the whiplash inducing erratic policy moves of this misadministration.

[TeamPooka]

25. aww. where's my violin for their unintended consequences?

[rpannier]

26. Damned Obama

Lock her up!

Says the Magats

[Botany]

29. Go ahead Donny lose the world's biggest market and find out what happens

And still farmers will vote GOP.

[duforsure]

30. Why would anyone believe anything he says now?

He now claims things China agreed to do or said they would do to make himself look like its China's fault, when trump instigated this disaster from the start. He's lying , and he's infuriated them so much now he's making claims that aren't true. Like numerous times before he is failing and will give them more than they had only to falsely claim he won it for us, and it's a great deal, when it's not. Just another disaster he'll claim was great all because of him. We don't need a liar like this in our government and someone this stupid, unless you like being taken to the cleaners almost daily now. He'll never tell you the truth, on anything.

[Lulu KC]

31. With this plus increased acknowledgement of the effects of climate change

on agriculture, will it be farmers who turn the red to purple in many states?

Let me have my dreams.

[The Liberal Lion]

34. The Taj mahalification of America continues

unabated