The U.S. is expecting its largest-ever soybean harvest this fall, and due to the trade war with China, economists predict that much of that harvest will not be sold, says a report at UPI.
A record-breaking harvest would normally be good news for farmers, but without the Chinese market, hundred of thousands of bushels of American soybeans harvested this fall will have nowhere to go.
Economists predict much of the beans will remain in storage until the trade war between the U.S. and China ends, and the soy tariffs are removed.
"I'm 20% above my average soybean yield right now," Mark Jackson, an Iowa farmer, told UPI. "What I'm doing, and what most farmers are doing, is putting their beans in grain bins and waiting to see if the prices increase."