Trump Claims Soybean Deal With China as Farmers Face Rising Costs

Harlan, Iowa — Young soy plants are starting to emerge in Rick Chipman's fields.

"We're off to a good start," Chipman told CBS News.

He farms 1,800 acres of corn and soy in Shelby County and runs a hog operation that helped offset losses from last year's trade war.

Soybean prices remain down nearly a third from 2022. That is why farmers had high hopes for President Trump's recent trip to China.

"We really haven't heard yet if good things have happened or not," Chipman said.

Markets fell after the president offered few details about any new agreements.

"We made great deals," Mr. Trump told reporters Friday. "We did great trade deals."

China has not announced any commitments on timing, volume, or what it will buy. The lack of specifics matters because China buys more soybeans than any other country.

Asked aboard Air Force One if he struck a deal with Chinese President Xi Jinping on soybeans, Mr. Trump said, "I did. The farmers are going to be very happy. They're going to be buying billions of dollars of soybeans."

The conflict with Iran has added pressure, lifting diesel prices by about 50 percent. Costs for seed, fertilizer, and other inputs are climbing as well.

"Oh there's $1000, $2000, $3000, it seems like an auctioneer when you're filling the planter up," Iowa farmer Clay Geyer said.

More farmers are filing for bankruptcy, and some are seeking off-farm work.

"There's a lot of farmers thinking, maybe it's time to go get an off-farm job just to keep food on the table," Geyer said.