Farmers closely watched President Donald Trump's dinner with China's President Xi Jinping at the G20 summit last month. After the meeting, according to the White House, China agreed to buy agricultural products from the U.S. immediately.
According to Yahoo Finance, despite this promise, some farmers have decided to grow fewer soybeans next year after a painful 2018. The U.S. soybeans market plunged 98% from the $1.2 billion imports in January.
Soybean plants in the U.S. hit a record 89.1 million acres planted in 2018. The U.S. Department of Agriculture expects it to drop 7.4% to 82.5 million acres in 2019 — the largest year-over-year decline since 2007.
