Illinois soybean farmers hurt by coronavirus hit to Chinese economy
Soybean farmers in Illinois cannot catch a break.
After a promising trade deal with China last month gave farmers hope amid an intense trade war, the deadly Wuhan coronavirus currently overwhelming China is also damaging its economy.
The country’s economic slump is now sowing fears that China might not be able to buy all of the $32 billion of U.S. agricultural goods it promised for 2020, including soybeans from Illinois, America’s top soybean-producing state.
“This kind of big shock to their economy diminishes their demand for a lot of primary products” like soybeans, said Todd Hubbs, a professor of agricultural economics at the University of Illinois at Urbana-Champaign.
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After a promising trade deal with China last month gave farmers hope amid an intense trade war, the deadly Wuhan coronavirus currently overwhelming China is also damaging its economy.
The country’s economic slump is now sowing fears that China might not be able to buy all of the $32 billion of U.S. agricultural goods it promised for 2020, including soybeans from Illinois, America’s top soybean-producing state.
“This kind of big shock to their economy diminishes their demand for a lot of primary products” like soybeans, said Todd Hubbs, a professor of agricultural economics at the University of Illinois at Urbana-Champaign.
Click Here to read more.