Good Morning. This is Bob Bragg with the March 5th edition of Farm News and Views.
There’s been a lot of trade chatter over the past few days. On Friday, President Trump tweeted that he had asked China to immediately remove all tariffs on agricultural products because the trade talks were going nicely. Recently, the USDA reported that sales of soybeans and other farm commodities had fallen from 20 billion dollars in 2017 to 16.3 billion in the fiscal year 2018, and are projected to decrease by 9 billion dollars in 2019. These statistics are concerning to grain farmers who are suffering through the sixth year of low commodity prices. When coupled with the Congressional Budget Office projections indicating that farmers will grow near-record crops this year in an attempt to generate revenue, while at the same time, slowly working down a soybean stockpile that is expected to approach a billion bushels this summer This is the largest soybean inventory ever. So farmers are hoping for a trade resolution sooner rather than later.