LITTLE ROCK, AR (KAIT) -The soybean crop in Arkansas continued to nose-dive Tuesday.
According to a report from Talk Business & Politics, the projected harvest dropped to 3.25 million acres, a 320,000-acre drop within the last week.
According to the USDA’s National Acreage Statistics Service (NASS), the bushel per acre average will drop from 50 to 48.
That equates to a 22.5 million bushel drop, with soybeans trading in at $8.84 Tuesday morning.
According to agronomist Jeremy Ross, the loss in bushels equates to a roughly $200 million loss, with only 44% of the soybean crop having been harvested this year, compared 71% by this time in 2017.
Poor quality and recent torrential rain contributed to the plunge in acres, as well as an ongoing, intense trade war with China, with billions in tariffs placed on U.S. soybeans.
“The problem right now is that there’s really no buyers for the beans that are coming off,” Ross said. “Bean stocks are backing up at the ports, and the elevators are almost at their capacity for grain storage, with no place for it to go. It’s just a bad situation.”