Iowa farmers, feeling the strain, hope for positive outcome from Trump's China summit
Iowa farmers are facing financial strain due to low soybean prices and rising input costs, and are hopeful that President Trump's summit with China will lead to increased agricultural trade. Despite Trump's claims of securing major deals, China has not confirmed any specific commitments on soybean purchases. The ongoing conflict with Iran has further pressured farmers by increasing diesel and production costs.
- ▪Iowa farmer Rick Chipman grows 1,800 acres of corn and soy and operates a hog farm to offset crop losses.
- ▪Soybean prices remain nearly a third below 2022 levels, contributing to financial stress for farmers.
- ▪President Trump claimed he secured a deal for China to buy billions of dollars in soybeans, but China has not confirmed any commitments.
- ▪The war with Iran has driven up diesel prices by about 50%, adding to farmers' operational costs.
- ▪More farmers are considering off-farm jobs as rising costs and low prices push some toward bankruptcy.
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CBS Evening News Iowa farmers, feeling the strain, hope for positive outcome from Trump's China summit .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-evening-news.jpg'); } By Lana Zak Lana Zak Anchor, CBS News 24/7; Correspondent Lana Zak is an anchor for CBS News 24/7 and a CBS News national correspondent. Read Full Bio Lana Zak May 16, 2026 / 9:12 PM EDT / CBS News Add CBS News on Google Harlan, Iowa — In Rick Chipman's fields in Harlan, Iowa, young soy plants are starting to emerge. "We're off to a good start," Chipman told CBS News.
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