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Iowa Corn Farmers Association Hits Out At Trump

The Iowa Corn Growers Association said Tuesday that President Donald Trump has caused harm to its members.

The Trump administration approved 31 refinery waivers on ethanol, which the group called “unjustified,” according to The Hill. The trade war with China has also affected the price of corn ahead of harvest season, and the weather is playing a part as well, the trade association said.

But the group had little to say about Trump’s agreement with Japan’s Prime Minister Abe whereby Japan would buy up any corn oversupply caused by China’s failure to uphold its agreed-to corn purchase during the trade war.

China’s constant attacks against American farm products has affected farmers in the U.S., according to The Hill, but it may be reduced ethanol demand that really has the lobbying group up in arms.

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“President Trump’s promises on the future of ethanol were broken with the approval of 31 unjustified refinery waivers as it kills the demand for corn, and Iowa corn farmers are fed up,” the trade association said. “On top of the RFS not being upheld, trade wars and uncertain weather from Mother Nature, farmers are seeing the value of their crop continue to fall as harvest approaches.”

It appears that the Growers Association is looking to leverage China’s bad actions to increase its power in Washington, D.C. as the trade war has had little effect on corn futures. The price of corn on the global exchange (Globex) has traded in the same range 3.30 – 4.13 per bushel since the day Trump was elected. The September 2019 contract for corn closed at 3.57 Tuesday and the December 2019 contract closed even higher at 3.66.

Corn Futures from Jan. 2016 to Aug. 2019 (Globex) (CBOT).

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About Carl Fox

Carl Fox is the senior money and finance writer for Conservative Daily News. Follow him in the "Money & The Economy" section at CDN and see his posts on the "Junior Economists" Facebook page.

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