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Tariffs on way back in march through july of 2018. at that time specifically of soy beans, we lost 20% of our pricing right there which put us below the cost of production. but we re now currently still below the cost of production quite considerably. i calculated it today about $25 an acre for a new krob below the cost of production. so nothing has moved in the soybean market. and corn is about the same way. that s also well below the cost of production. we re not moving forward with any good trade. i just want to make sure i understand this. for two years, two seasons that you have been producing below costs of production. does that mean you re losing money on soy beans? that means we re losing money on soy beans certainly, and corn as well. certainly the administration has put forth the bailouts. i call it hush money to keep farmers sedated. but they put together dollars from the taxpayer, and let s be ....
Tariffs on way back in march through july of 2018. at that time specifically of soy beans, we lost 20% of our pricing right there which put us below the cost of production. but we re now currently still below the cost of production quite considerably. i calculated it today about $25 an acre for a new krob below the cost of production. so nothing has moved in the soybean market. and corn is about the same way. that s also well below the cost of production. we re not moving forward with any good trade. i just want to make sure i understand this. for two years, two seasons that you have been producing below costs of production. does that mean you re losing money on soy beans? that means we re losing money on soy beans certainly, and corn as well. certainly the administration has put forth the bailouts. i call it hush money to keep farmers sedated. but they put together dollars from the taxpayer, and let s be ....
Wisconsin soybean association. tony, i want to talk about the elizabeth warren stuff in a second but i want to ask you about the announcement from china that it s not bying american agriculture output. when it comes to soybeans, this is probably one of the clearest examples why it s problematic. it s not easy for americans to find a market to replace china as the buyer of all of the soybeans that america grows. absolutely. china up until this trade war purchased one out of every three soybeans grown in the united states. so it s just very simple in that we cannot find a market or kbags combination of markets to replace the soybean market for soybeans. in the interim there s a market for soybeans. in the longer term, what are you hoping for, there will be a deal and reverse the decision or are ....
Soybeans that we were sending to china or various other things that china buys as raw material and processes. we just don t have the infrastructure or other markets to sell that into. so that is one that s going to affect this trade war. yes, very much so. i think this latest shot is actually going to have a direct impact, especially on sfarmers. so china accounts for 60% of the soybean market. if you look at the impact on farmers, it s about half of what was so last year to china agriculture goods, that s how much it s dropped over the course of one year because of this trade war. the white house is now earmarking $28 billion to support farmers who can t sell their products but i don t expect this will be the last, it s just the latest tit for tat. linda, good to talk to you as always. linda yu, author of what would the great economists do? ....
Us something that we should listen to. that s this. yes, we have a trade war with china. here s the problem, neil. the longer this goes on, the more it hurts. anybody that is involved, farmers are a big part of this, but anybody affected by trade with china, your big customer is now going to your competitors. every day that they re going to your competitors, i don t care if you throw yes we re open tomorrow, you re not going to get 100% of them back. they re going to make new relationships, maybe cheaper relationships. that s what the market is waking up to. we re losing the soy bean market to south america and everybody knows that as long as that customer is shopping elsewhere, every day that goes by, you re losing more and more of your customer base that won t come back. neil: scott, this point that the president the follows the markets closely, very attune to ....