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Soybean prices continue to fall

CENTRAL ILLINOIS - Within the last week, soybean prices have dropped nearly 20%.

There are two reasons for this decline.

First, with all the rain and added moisture in Central Illinois this past week, crops are projected to have a bountiful yield in the fall. The higher the yield, the lower the crop prices.

But another reason prices are going down: tariffs.

Crops could have a 25% tariff added to all exports going to China.

"That's significant," says Patrick Kirchhofer over at Peoria County Farm Bureau. "They were around $10/bushel and now they're around $8.40/bushel. So that's taking money out of farmers' pockets which they would normally spend in our local economy."

 


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