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(Posted Tue. May 14th, 2019)
Friday’s announcement that the Trump Administration was moving forward to increase the tariff rate from 10 to 25 percent on $200 billion worth of Chinese goods could not have come at a worse time for corn farmers.
As NCGA President Lynn Chrisp noted, “Corn farmers are watching commodity prices decline amid ongoing tariff threats, even while many can’t get to spring planting because of wet weather.” This spring’s heavy rains have impacted farmers across the country, with the most recent WASDE report showing that only 30 percent of the corn crop has been planted, half the five year average of 66 percent.
Trade disputes and tariffs, devastating weather conditions, stagnant farm incomes, crumbling infrastructures and EPA waivers to oil refiners have all combined to create a perfect storm for agriculture.
Times are tough for farmers. More tariffs won’t help, neither will another penny per bushel trade assistance payment. Simply put, farmers need a win and they need marketplace certainty to stay afloat.