Soybean prices jumped Tuesday after the Trump administration announced its $12 billion plan to aid the farmers that have been hurt as a result of its tariff faceoff with major trading partners including China, the world's largest soy importer, reports the New Haven Register.
Soybeans were up 0.94% to $8.56 a bushel at 10:58 a.m. ET.
Prices have fallen to near-decade lows, shedding 20% since the Trump administration announced plans to penalize China for alleged intellectual-property theft and what the president sees as unfair trade practices.
The trade aid plan will be funded by the Department of Agriculture's broad authority and two components of the farm bill and will extend about $12 billion in emergency aid.
