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Fear Over Potential Soybean Tariffs Drive Prices Down, Worry Far - KOAM TV 7

Fear Over Potential Soybean Tariffs Drive Prices Down, Worry Farmers

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China threatens to put tariffs on $50 billion worth of American imports including soybeans.
    News of the possible tariffs reached the US early this morning sending the price of soybeans down.

John Hutto, Hutto Grain and Livestock: "Virtually all of our soybeans that we grow, are exported, so anything that affects that market, affects us tremendously."
The impact of fear is being felt by John Hutto and other farmers nationwide.
Early Wednesday morning soybean prices plummeted forty cents below $10 a bushel, before reviving a bit by the afternoon - down only twenty three cents.
Hutto breaks down the math.
Hutto: "Just for instance, if your cost of production was $9.50, if that's what costs us, and we were getting $10 for instance, and we were making fifty cents, well if we took 25% off that, half our profit went away in one night."
To those of us that aren't in agriculture, twenty three cents may not seem like much - so here's another way to think of it.
Imagine going to bed tonight - the average price of gas at $2.45 and when you wake up in the morning to get some fuel in your tank before work - you find it's jumped by twenty three cents.
That's a pretty big gap.
Hutto's other concern - the roller coaster weather and other crops potentially facing tariffs.
Hutto: "The wheat is about to the point that it can't take that much anymore, when we get to the mid to low 20s by Friday night, I think that night, sometime soon, that's going to be really close to damaging this wheat."
If the tariffs are imposed, Hutto says farmers will really begin to see the impacts later this year.
Hutto: "Really the threat for us comes this fall, when we would be harvesting in October and November, those are the times, we would like to be selling some of those beans right now, pre-selling them, and so this is putting a damper on that, so it would really have a dramatic affect on us this fall."

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Chris Warner
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A Joplin native, Chris first started in broadcasting at age 16 at KSNF-TV in 2004..

Chris joined the KOAM team in 2017 as an Associate Producer. In April, he moved into a full-time reporter position. He spent time from 2008 to 2016 in various retail roles around the region before returning to his passion at KOAM. Chris is excited to continue telling the stories of the four states. Chris and his wife Amber live in Joplin and have three amazing children.

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