Heitkamp says trade war worsens as stock market tanks
Sen.Heidi Heitkamp, D-N.D., said today that reports show the Trump administration’s trade war is continuing to worsen the outlook for North Dakota soybean farmers.
“It took North Dakota soybean farmers decades to build relationships and market their product in China, but the trade war threatens to derail that hard work over the course of just one season,” Heitkamp said in a news release.
“With zero orders from China — which is typically the largest buyer of North Dakota soybeans — and a surplus of last year’s crop still occupying bins and grain elevators, this year’s crop literally has nowhere to go.
“Farmers working hard all year toward a payday are instead worrying about how they’ll make ends meet. North Dakota farmers are some of the most hardworking people you’ll ever meet, and I won’t sit back silently while they’re being treated like collateral damage in this trade war.”
In the news release, Heitkamp, who is facing a tough re-election race against Rep. Kevin Cramer, R-N.D., cited a North Dakota State University analysis and a CNBC report. Heitkamp also noted her efforts to influence the administration on trade issues and to expand markets for farm products.
According to a North Dakota State University analysis, without the trade war with China, soybean prices would be near $13 instead of the current $7 per bushel, Agweek reported. The NDSU economists also said that bankers should expect a long “black swan” period of uncertainty, Agweek said.
CNBC reported that farmers are having a hard time storing their crops in the face of low prices.
In other stories, CNBC also reported that the stock market fell more than 800 points on Wednesday, in part due to concerns about China, and may fall farther on Thursday.