Latest news with #TotalGrainMarketing
Yahoo
15-05-2025
- Business
- Yahoo
Central IL farmers relieved by temporary tariff truce but want to see a lasting solution
CHAMPAIGN, Ill. (WCIA) — Earlier this week, the U.S. and China announced a temporary tariff truce for 90 days. The U.S. will lower its tariff rate for Chinese imports from 145% to 30%, and China will lower their tariff on American imports from 125% to 10%. Urbana woman targeted by 'brushing' scam USPS is warning Americans about China is the largest consumer of American soybeans, importing nearly one billion bushels a year, with a significant portion coming from farmers in Illinois. Total Grain Marketing in Champaign said this temporary agreement is a good sign, but with 150 days until harvest begins, the clock is ticking to find a lasting, and preferably tariff-less, solution. 'It's a good first step, but if nothing gets worked out from here and they leave the 10% tariff on, that's the bad news because that's a dollar a bushel tariff on our beans. And our beans aren't a dollar cheaper than South America. So that would effectively preclude us from selling beans to China this fall,' said Greg Johnson, the grain originator. Johnson said farmers would like to see no tariffs on exports and a soybean purchasing agreement with China. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
06-03-2025
- Business
- Yahoo
Champaign agriculture business prepares for effects of tariffs
CHAMPAIGN, Ill. (WCIA) — The agriculture industry in Illinois is preparing for what tariffs could mean for their businesses. Earlier this week, President Donald Trump made a post on Truth Social suggesting farmers increase their production to be sold inside the United States. Trump also said tariffs will go on external products starting April 2. AgTech Week underway in Champaign-Urbana For Total Grain Marketing in Champaign, they've got their eyes on possible retaliatory tariffs from China, Mexico and Canada. 'Some days, we think this is going to work out soon and for the better,' said Greg Johnson, a Grain Originator at Total Grain Marketing. 'The farm community is pretty optimistic, but on days when it sounds like the trade negotiations may not be going as well and the tariffs may be with us for a while, that's obviously not a good situation.' Johnson said the three countries on the receiving end of Trump's tariffs are also some of the biggest consumers of Illinois Ag products. Mexico is the biggest buyer of Illinois corn, Canada for ethanol and China for soybeans. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
