Nov 1, 2019

Rain and snow take toll on farmers in grain belt

Photo: Jan Woitas/picture alliance via Getty Images)

The northern grain belt states are dealing with high rainfall and a snowstorm, delaying their harvest, Reuters reports.

Why it matters: Farmers in North Dakota and Minnesota have been hit the hardest by the U.S.-China trade war because they rely on exports to Asia, according to Reuters. Those states are seeing some of the worst delays in corn and soybean harvests.

By the numbers: 41% of corn and 62% of soybean were reaped as of Sunday, Reuters says.

  • According to Reuters, that's the slowest harvest in 10 years, down from the five-year averages for corn and soybean respectively: 61% and 78%.
  • Minnesota, the third highest soybean-producing state, harvested 62% of its crop through Oct. 27, compared to its five-year average of 93%, according to Reuters.
  • Farmers in North Dakota harvested just 29% of their soybeans and 6% of their corn.

Go deeper: Nearly 40% of 2019 farm income will come from federal aid and insurance

Go deeper

U.S. farmers could really use some help

Illustration: Sarah Grillo/Axios

Investors have been basking in the glow of the "phase one" trade deal between the U.S. and China, but farmers, who are supposed to be the main beneficiaries of the agreement, have reason to be wary, experts say.

What's happening: U.S. farmers have been suffering this year. Chapter 12 bankruptcies have risen 24% over the previous year, and farm debt is projected to hit a record high $416 billion.

Go deeperArrowNov 5, 2019

Trump administration to offer additional relief to farmers amid trade war

Photo: Ricky Carioti/The Washington Post via Getty Images

The Department of Agriculture will distribute the second round of aid payments for 2019 aimed at buffering the impact of President Trump's trade war with China starting next week, according to a USDA statement.

The state of play: The administration already paid farmers $6.7 billion for production in this year and $8.6 billion last year, per Politico. The earlier payment in 2019 covered half of the farmers' eligible production, and the latest round will cover an additional quarter.

Go deeperArrowNov 16, 2019

South Korea: U.S. "very actively" coaxing North Korea to return to nuclear talks

Photo: Dong-A Ilbo via Getty Images/Getty Images

Chung Eui-yong, South Korea's national security adviser, said on Sunday that the United States is “very actively” trying to convince North Korea to return to negotiations ahead of an unofficial deadline for dialogue, Reuters reports.

Background: North Korea's leader Kim Jong-un warned in October that the U.S. had until year’s end to take a "substantial step to make complete and irreversible withdrawal" of its "hostile policy." Chung said South Korea is taking North Korea's deadline "very seriously."

Go deeperArrowNov 10, 2019