At 4.54 billion bushels that was a $3.3 billion impact to soybean farmers. As the chart shows below shows with a per bushel price in the low $8 area, unless prices turn up soon 2019 will be a disastrous year for soybean farmers. When this news broke about two weeks it helped drive soybean prices under $8 per bushel, but for only one day. Soybean plantings NASS, Farm BureauSoybeans are America’s second largest cash cropU.S. soybean farmers grew over 4 billion bushels the past three years with 2018 the largest production at 4.54 billion. Soybean production USDASubsidies help farmers but tariffs hurt U.S. consumers and corporationsPresident Trump mistakenly insists that the tariffs on Chinese goods are being paid for the Chinese.

Source: Forbes May 26, 2019 18:45 UTC