Rural America is suffering an economic crisis as crop prices plunge - 'U.S. soybean farmers cannot survive a prolonged trade dispute'

"On Thursday, the National Corn Growers Association raised alarms about "the economic crisis hitting rural America, as commodity prices drop at a time when input costs remain at near-record highs." Corn prices have plunged more than 50% from their 2022 peak, while production costs are down just 3% in that span, translating to a loss of 85 cents per bushel, the NCGA said, adding that the outlook for next year is worse with even lower prices and higher costs."

"The group asked that Trump prioritize soybeans in trade talks with China, seeking major purchase commitments as well as the removal of Beijing's duties on the U.S. "Historically, the U.S. was the provider of choice for Chinese customers," the letter said. "However, due to ongoing tariff retaliation, our longstanding customers in China have and will continue to turn to our competitors in South America to meet their demand, a demand Brazil can meet due to significantly increased production since the previous trade war with China.""

Farmers face a continued slump in crop prices and worsening credit conditions. Agricultural trade groups urged lawmakers to increase access to export markets, including China. Corn prices plunged more than 50% from their 2022 peak while production costs fell only 3%, producing an 85-cent-per-bushel loss and a worse outlook for next year. The National Corn Growers Association urged boosting demand via higher ethanol blends and expanded foreign market access. The American Soybean Association warned of a trade and financial precipice and asked that soybeans be prioritized in talks with China, seeking major purchase commitments and removal of Beijing's duties. China has not purchased U.S. soybeans for upcoming months.

Read at Fortune