Current US soybean prices don't support farmers paying bills, says top industry official [CNBC]
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Source: CNBC
American Soybean Association CEO Ryan Findlay said Thursday that China 's retaliatory tariffs of 25 percent on U.S. beans have dealt farmers a major blow because it's led to low prices that essentially don't support paying bills. Farmers see that pain right now, Findlay said in an interview on CNBC's Power Lunch . You have to have the prices to pay the bills — and the prices aren't there right now. U.S. soybean futures have fallen nearly 20 percent since China announced on April 4 plans to slap a 25 percent tariff on 106 U.S. products , including soybeans. At the same time, Brazilian soybeans are fetching a significant premium over the Chicago prices due to increased demand from Chinese buyers. If somebody were to lose 20 percent of their income, that hurts, Findlay said. I don't care what segment of industry you're in, that hurts — and farmers are feeling that right now. And they're starting to feel that emotional impact. Findlay said another ripple effect i
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