“No Rush” to make a trade deal
President Donald Trump told reporters on Friday he was in “absolutely no rush” to finalize a trade agreement with China as negotiators from both countries prepared to continue talks in Washington.
Trump defended his decision to add an additional $200 billion worth of tariffs on Chinese goods, which went into effect earlier Friday, and said they would boost the United States more than any trade deal.
Trump mentioned farmers in his latest tweet.
“Your all time favorite President got tired of waiting for China to help out and start buying from our FARMERS, the greatest anywhere in the World!”
Meanwhile farmers are witnessing their future crop prices heading down today., from cotton to the grains and cattle too.
Watch Out Below!
Cotton price falls below 70 cents
Cotton futures fell this morning below 70 cents/lb for the first time since 2017 as the trade war with China bode ill for US exports.
Soybeans fall to $800 level.
Soybean futures are set to fall bellow the key $800 level today as China prepares to retaliate against Trump’s latest increase of tariffs on China.You have to go back to June 2007 to find a price below $8.
“This is a predicament for soy growers,” said Davie Stephens, a grower from Clinton, Ky., and president of the American Soybean Association (ASA). “We understand that Mr. Trump and his Administration have broad goals they want to achieve for our country, but farmers are in a desperate situation. We need a positive resolution of this ongoing tariff dispute, not further escalation of tensions.”
Cattle Ranchers -ethanol producers hurting too
Farmers count on ethanol to boost their margins but that too is falling even though gas prices are way up in mid May.
