Farmers are anxiously monitoring President Trump’s trade negotiations, fearing China will skip its fall purchase of soybeans and leave them in limbo with banks and bill collectors.
North Dakota exports approximately two-thirds of its annual $2 billion soybean crop to China. But the next harvest, due just before critical midterm elections, could sit on the shelf if the U.S. and Beijing don’t resolve an escalating trade dispute. That could leave farmers unable to meet their payments and jeopardize financing to re-plant for next year.
“If you’re a banker, are you going to like not getting your money?” Jim Broten, who owns and operates a sizable family farm 90 miles northwest of Fargo that grows barley, corn and soybeans, said in a mid-August interview with the Washington Examiner. “That’s when the crunch is going to come.”
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