DES MOINES, Iowa (RFD-TV)—With China no longer at the buying table, farmers are finding it more difficult to market this year’s corn and soybean crop. One group warns that farmers are left in a holding pattern until something gives.
“What we really see is, with a lot of different people across the Corn Belt, a lot of different elevators, and on the elevator books, there is just a very low amount of corn sold; Just a lower percentage versus normal,” explained Iowa-based grain analyst Don Roose with U.S. Commodities. “I think that’s just because the farmer didn’t feel the profitability that he had, or lack of profitability, no real chance to get any decent sales. So, I think, on hold, I think you’re exactly right. A lot of old crop corn moved in August, and new crop sales have trickled down to not much.”
Roose says soybean yields are expected to be good this year, but he notes that there is still considerable concern surrounding China’s absence from U.S. markets.
Last year, America sent nearly a billion bushels of beans to China. Through August of this year, the total was just 218 million bushels, but no shipments have left for China since then. Economists at Purdue say there is no indication whether China will resume buying U.S. commodities.
In a call with reporters this week, Ag Committee member Sen. Chuck Grassley (R-IA) urged the White House to reach a deal with China as soon as possible.
“I urge the Administration to focus on resolving this issue and opening the Chinese market back up to American soybeans,” Sen. Grassley said. “It’s a critical issue for America’s farmers.”
Argentina’s Commodity Coop & Economic Crisis
Instead, China is scooping up multiple cargoes of soybeans from Argentina, as they have dropped their grain export taxes. Argentina hopes to boost demand, but analysts with Reuters describe this move as a blow to American farmers, reporting this week that China may have purchased as many as 15 cargo loads of Argentine beans following the tax drop.
The news about China’s big buy of Argentinian soybeans also comes as U.S. President Donald Trump spoke alongside Argentine President Javier Milei before the United Nations on Tuesday, pledging his support to help the country overcome financial challenges, but stopped short of agreeing with World Bank officials’ plan to streamline $4 billion in public and private investments in the South American nation to avert an economic crisis.
“We’re going to help them. I don’t think they need a bailout,” Pres. Trump told reporters on Tuesday afternoon at the United Nations General Assembly in New York. “[Treasury Secretary Scott Bessent] is working with their country so that they can get good debt and all of the things that you need to make Argentina great again.”
