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Expand chart
Data: Macrotrends; Chart: Axios Visuals

Soybean prices on Tuesday fell to their lowest since July, when farmers saw the lowest prices since 2008. Prices have again nosedived after President Trump reignited the trade war with China, saying he would impose 25% tariffs on Chinese goods. China is expected to respond in kind.

The big picture: Soybeans had already seen significant stockpiling after last year's trade war flare-up and are now facing the spread of African swine flu and rainy weather across much of the U.S.

Farmers are getting hit on multiple fronts, Scott Irwin, an agricultural economist at the University of Illinois in Urbana-Champaign, told Bloomberg.

  • It's "like a bad version of the movie 'Groundhog Day' for the U.S. farmer," he said.

Go deeper: Trump's China trade war forces U.S. soybeans to take costly detour

Go deeper

51 mins ago - Economy & Business

Clean trucks are paving the road to the electric vehicle era

Illustration: Eniola Odetunde/Axios

The electric vehicle revolution is underway, led by the un-sexiest of plug-in models: the commercial truck.

Why it matters: Growing demand for cleaner trucks means 2021 will be a pivotal year for electric vehicles — just not the kind you might have expected.

Dion Rabouin, author of Markets
3 hours ago - Economy & Business

The fragile recovery

Data: Department of Labor; Chart: Axios Visuals

The number of people receiving unemployment benefits is falling but remains remarkably high three weeks before pandemic assistance programs are set to expire. More than 1 million people a week are still filing for initial jobless claims, including nearly 300,000 applying for pandemic assistance.

By the numbers: As of Nov. 14, 20.2 million Americans were receiving unemployment benefits of some kind, including more than 13.4 million on the Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) programs that were created as part of the CARES Act and end on Dec. 26.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The top candidates Biden is considering for key energy and climate roles

Photo: Alex Wong/Getty Images

Senate Minority Leader Chuck Schumer (D-N.Y.) has urged President-elect Joe Biden to nominate Mary Nichols, chair of California's air pollution regulator, to lead the Environmental Protection Agency, Bloomberg reports.

Why it matters: The reported push by Schumer could boost Nichol's chances of leading an agency that will play a pivotal role in Biden's vow to enact aggressive new climate policies — especially because the plan is likely to rest heavily on executive actions.