Soybean prices dropped to a near-decade lows Friday as President Donald Trump showed no signs of backing down on threats to impose $200 billion worth of additional tariffs on China, the world's largest soy importer, reports Markets Insider.
Soybeans prices fell to $8.26 a bushel for November delivery, the lowest level since late 2008. Prices have shed nearly 20% since March, when the Trump administration announced intentions to penalize China for what US officials found to be "unfair" trade practices.
For John Heisdorffer, president of the American Soybean Association and farmer in Iowa, the tariffs come at a challenging time.
“Farmers are already dealing with low commodity prices and a down farm economy, and the price of soybeans has continued to drop since tariff rhetoric first began," Heisdorffer says.
