America's struggling farmers see wettest 12 months in recorded U.S. history
Published Date: 6/23/2019
Source: axios.com
The wettest 12 months in recorded U.S. history have exacted a price — millions of acres of waterlogged fields remain unplanted during the worst farm crisis since the '80s.Why it matters: Agriculture is used to boom-bust cycles. What's less common is the bust coinciding with historic trade wars."We spent 40 years developing this trade relationship with China and in one fell swoop, it was all taken away," fourth-generation soybean farmer Bret Davis told Axios' Courtenay Brown in May.2018's U.S. soybean sales to China were at a 16-year low. By the numbers: Just 77% of potential soybean acres have been planted in the 18 highest producing states vs. an average 93% over the past 5 years.For corn, it's 92%, compared to an average of 100%. This is the worst number in 40 years, the WashPost reports.Even cotton is at 89% vs. the 5-year average of 94%.Michigan, South Dakota, Missouri and Ohio are feeling the pain worse than others.The big picture: Farmers are generally insured against crop loss — and many are insured against being unable to plant. But "the suppliers who sell seed and herbicides to farmers don’t have insurance," South Dakota State's Jonathan Kleinja told the Post.Another whammy: Beleaguered industries like dairy are facing already-bad profit margins and are reliant on corn to feed their cows.The bottom line: More farm aid is almost certainly on the way. The Trump administration — which is responsible for farmer trade war pains — keeps upping its offers to help, including for farmers who weren't able to plant.