Minnesota farmer Dan Glessing isn't ready to get too upset over President Donald Trump's trade wars.
Farm country voted heavily for Trump last November. Now Glessing and many other farmers are taking a wait-and-see attitude toward the Republican president's disputes with China and other international markets.
China normally would buy about one row out of every four of the Minnesota soybean crop and took in nearly 13 billion worth of soybeans from the U.S. as a whole last year. More than half of U.S. soybeans are exported internationally, with roughly half of those going to China, so it's a critical market.
Trump last month raised U.S. tariffs on products from China to 145, and China retaliated with 125. But Monday's announcement of a 90-day truce between the two countries backed up the reluctance of many farmers to hit the panic button.
More good news came in an updated forecast from the U.S. Department of Agriculture on Monday that projected higher corn exports and only slightly lower corn prices. The report also predicted somewhat lower soybean exports but higher domestic consumption, resulting in higher prices. Soybean futures surged.
