“Farmers are facing tough decisions in the midst of a wet planting season and a lot of uncertainty surrounding trade discussions,” said James Mintert, director of Purdue’s Center for Commercial Agriculture.
May's Purdue University/CME Group Ag Economy Barometer is now at levels that have erased all improvements recorded following the November 2016 election.
May's Purdue University/CME Group Ag Economy Barometer declined 14 points from the prior month to a reading of 101, which is the lowest point since October 2016.
The later planting means the crops are considered more susceptible to risk of injury and lower yields from summer heat and early fall frost damage. Also, some producers may switch to shorter season varieties of corn and soybeans, but that also comes at the risk of lower yielding crops. Soybean farmers have been among the hardest hit in the China trade war in terms of dollar value. Last year, China put retaliatory tariffs in place on a variety of U.S. agricultural and food products, from soybeans, corn and wheat to dairy and certain meat products.
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