Desperate U.S. farmers and trade organizations are seeking new markets like Nigeria, Vietnam, and Bangladesh for soybeans due to the trade war with China. Financial pain extends to tractor makers. Chinese imports of U.S. soybeans have dropped significantly, leading to billions of dollars in lost business.

Illinois soybean farmers face significant losses this year due to low crop prices and weak exports. China’s absence in the market has led to a surge in soybean purchases from South America instead of the U.S. Industry officials are working on improving trade with other countries to offset the losses.

China dominates global soy imports, importing 61% of the world’s traded supplies. Trump blames China for not buying U.S. soybeans for ‘negotiating’ reasons. U.S. soybeans are cheaper than Brazilian soybeans, but China’s tariffs make them more expensive. U.S. farmers are frustrated over the situation and are seeking government support.

The decline in U.S. soybean exports to China has led to a decrease in income for farmers and has affected other sectors in rural America, such as equipment manufacturers. CNH reported a 20% drop in agriculture business sales. The absence of Chinese orders is impacting the economy in rural areas like Decatur, Illinois.

Read more at Yahoo Finance: US soybean farmers, deserted by big buyer China, scramble for other importers