On Friday, Minnesota Sen. Amy Klobuchar was the lead signatory on a letter from Senate Democrats, including Minnesota’s Tina Smith, to U.S. Trade Representative Jamieson Greer.
It argues that farmers in 2025 are “less equipped to withstand … continued volatility” after the last trade war. Moreover, senators note that a 3% drop in the soybean futures price last Friday lost farmers $1.4 billion on the 2025 crop.
By week’s end, contracts on May soybeans had climbed back over $10.30.
Fortunately, the markets contain silver linings, said Northstar’s Ward, who has watched growing demand for soybean oil internationally. Moreover, Ward believes many farmers won’t plant soybeans, and he’s optimistic that when buyers come for American beans in midsummer, a new trade deal could be in place.
“The whole thing changes if China comes back,” Ward said.
Minnesota farmers near Iowa are insulated more than other areas of country from global swings. There are lots of hogs and turkeys to eat soy meal. Grain trucks cruise daily to crush plants in Mankato and Fairmont.