Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Soybean prices sunk to a 10-year low after the trade war escalated and left little hope that China — the world's biggest soybean importer —would resume buying U.S. soybeans.

Expand chart
Data: FactSet; Chart: Harry Stevens/Axios

Why it matters: Soybean farmers are once again at the center of a heightened trade war — targeted strategically by China. Some fear the damage may be irreversible. "We spent 40 years developing this trade relationship with China and in one fell swoop, it was all taken away," Bret Davis, a fourth-generation soybean farmer, tells Axios.

The big picture: The trade war is not just hitting the stock market. The commodity market has also been roiled — with prices for wheat, corn, pork and cotton falling — because of oversupply and flooding, which has exacerbated the trade war pain and caused sharp drops in farm income and increased bankruptcies.

  • "We have to borrow money to put out our crop and the way it looks right now, it's going to be difficult to pay that money back," Davis, who runs a 3,500-acre farm Ohio, (a top soybean exporting state) tells Axios.
  • Soybean farmers — who have depended on China for big soybean purchases for years — have fared the worst, as China purchases from the likes of Brazil instead. U.S. soybean shipments to China dropped to a 16-year low in 2018.

The bottom line: President Trump said the government was planning a second round of farm aid since the trade war began, worth $15 billion.

  • But Joe Brusuelas, an economist at consulting firm RSM U.S., warns "it may be difficult to repair damaged trade connections," causing prolonged pain beyond repair, as Brazil ups its soybean production thanks to more demand from China.

Go deeper

6 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

6 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.