INDIANAPOLIS – Farmers would normally expect this year’s “record-setting” crop yield to turn a major profit, but prices are plummeting thanks to the crippling tariffs on corn and soybeans, the Kokomo Tribune reported earlier this week. Not only that, they’ve received minimal support from Republicans like Rep. Braun, who thinks their complaints are “overdramatized” even as the tariffs continues to mount.
Hoosier farmers’ frustrations are mounting over the disastrous tariffs on corn and soybeans prices which are causing profits to free fall – and they’re likely not to be helped by the latest round of tariffs announced today. Yet Rep. Braun continues to stand against those farmers, failing to provide any plan to help save their farms or retain their access to foreign markets.
From the Kokomo Tribune: Farmers anticipate record-setting harvest while prices hit record lows
There’s good news and bad news about this year’s upcoming harvest.
The good news is area farmers are anticipating a bumper soybean and corn crop that could set records. The bad news is corn prices are down, and soybean prices are even worse due to President Donald Trump’s ongoing tariff war.
Brad Winger, who farms corn and soybeans with his family in eastern Howard County and parts of Miami County, said the year started out well with good soil conditions that made for a smooth planting season.
Winger said it would all be worth celebrating if crop prices weren’t so terrible.
“Our prices are in the toilet, and it’s the tariffs that have killed our soybean prices,” he said.
Prices have plummeted since June following the Trump administration’s back-and-forth trade war with China, which slapped a 25-percent import tariff on U.S. soybeans in July.
Earlier this month, the USDA announced initial aid for farmers consisting of about $4.7 billion in payments to producers of seven agricultural commodities, including soybeans and corn, to offset tumbling prices.
But, Winger said, those payouts won’t do much good. He said he’s set to lose around $2.50 on every bushel of soybeans. The bailout money will only make up about 80-cents of that loss, he said.
“I was sort of all for Mr. Trump at first, but it’s time for him to get these (trade deals) settled,” he said. “It’s killing agriculture. They’re trying to put a Band-Aid on it, but it’s just that. It’s not nearly going to make up for what we lost.”
Winger said to combat that loss, he plans to only sell enough of the harvest this year to keep the operation in the black, and store the rest in the hope of selling it next year for a better price.
“We still have to pay our bills, so we’ll have to cash some of it in,” he said.
Extension Educator Roser said this year’s harvest is a little ironic, considering one of the best anticipated harvests is coming at the worst possible time. But mostly, he said, it’s just disappointing.
“I’m excited it’s going to be a good year, but it’s a shame we can’t get that product out there and get good money for it that’s going into farmers’ pockets,” he said.