President Trump spoke recently during a Cabinet meeting at the White House, saying farmers are starting to prosper.
However, a Bloomberg article says the numbers tell a different story. “I hear they’re starting to do well in spite of everything,” the President said during comments from the meeting. “They’re selling corn, they’re selling soybeans, they’re selling everything, at levels that are soon going to be pretty good levels.”
Benchmark soybean futures are down 14 percent since China first proposed putting tariffs on American imports back in April. China followed through on that threat in July.
The Bloomberg Agricultural Sub-Index, which is made up of corn, soybeans, and other major farm products, hasn’t recovered from the record-low it set in July.
The Purdue/CME Group Ag Economy Barometer sank last month.
The USDA is projecting net farm income to total $59.5 billion, the lowest number since 2006. The administration says it will offer $12 billion in aid to farmers who’ve been hurt by the trade conflict. “They attacked our farmers by not buying from our farmers,” Trump says. “They know the farmers like Trump and I like them. I love them.”
Source: National Association of Farm Broadcasting News Service.