ILLINOIS (WCIA) — Central Illinois farmers are getting a boost, and it’s because of China.
The country finally followed through with phase one of its trade deal with the U.S. The pact was signed in January this year, but until now, the country had not made significant purchases of farm commodities.
That all changed in the last two weeks. Now China has started buying large amounts of corn and soybeans nearly every day.
“We’ve seen an uptick in commodity prices and that price that the elevators have been offering, said Brad Uken, Champaign County Farm Bureau. “So the farmers are selling their grain or attempting to sell portions of it that they’re going to start harvesting in the next two to three weeks that they previously were holding onto for a better price.”
The trade deal was aimed to bring an end to the U.S.-China trade war that started in 2018.
At the time it was signed, China had agreed to buy record levels of American products in 2020 and 2021 in exchange for the U.S. cutting trade war tariffs.