Not just corn: Flooding also threatens this year's soybean planting

An American farmer holding his soybean crop
Photo: Johannes Eisele/AFP/Getty Images

Excessive rain could significantly reduce the number of soybean acres planted this year, following an extremely low planting of corn acres this year, reports Bloomberg.

Why it matters: Farmers have long been struggling since President Trump initiated a trade war with China, which is the world's largest soybean purchaser. Soybean prices are at a 10-year low.

Go deeper: Soybean farmers dragged deeper into Trump’s trade war

Senator says South Dakota lost half a billion dollars from Trump's trade war

Mike Rounds
Sen. Mike Rounds (R-S.D.). Photo: Axios

Sen. Mike Rounds (R-S.D.) told Axios' Mike Allen on Thursday that President Trump's trade war with China has caused the price of his state's soybeans to plummet 20%, costing South Dakota half a billion dollars.

Why it matters: Data show America's farmers have gone through significant economic pain as a result of the ongoing U.S.-China trade war. Republican lawmaker who represent rural parts of the nation have been divided in whether to continue supporting the Trump administration's efforts, even as they take a toll on their constituents.