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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