The year so far has proven to be a difficult one for corn and soybean farmers — not only in South Dakota but across much of the country. Prices for soybeans are significantly lower than they were during most of the Biden administration, and corn prices have followed the same downward trend.
Adding to the growing financial strain from weak markets, the costs of key farm inputs like fertilizer continue to rise. Bloomberg reports that “the sweeping effects of the president’s trade war are coming into sharper focus,” noting that tariffs have caused major delays in fertilizer imports into the United States.
Farmers, who overwhelmingly supported Donald Trump in last November’s election — with the nation’s top farming counties going for him by 78% — may now find themselves wondering whether he can turn things around. Some might still believe Trump will fix the situation soon, while others could be quietly grappling with buyer’s remorse. There’s also hope among some that he may once again roll out “mitigation payments” like he did in his first term, when his poorly planned trade war with China devastated the farm economy and forced the government to issue massive taxpayer-funded bailouts to keep producers afloat.
It’s possible that many of Trump’s rural supporters still think his policies will eventually pay off, though history suggests otherwise. His trade policies failed farmers during his first term, and there’s little reason to think they’ll fare better this time. Trump has shown the world that the United States can no longer be counted on as a reliable agricultural supplier — and global markets have responded logically. China, which once purchased enormous quantities of U.S. soybeans, has shifted to dependable sources in South America, drastically reducing its reliance on American crops.
Meanwhile, while food producers struggle under the weight of Trump’s tariffs, consumers are dealing with their own financial pressures as food costs continue to rise. CNBC, citing the Bureau of Labor Statistics, reports that food prices have climbed 2.9% over the past year — well above the Federal Reserve’s 2% target for inflation. Shoppers hardly need statistics to feel the pinch; with ground beef approaching $10 a pound, the cost of groceries is clearly soaring.
During his campaign, Trump repeatedly pledged that “when I win, I will immediately bring prices down, starting on day one.” Yet nearly 200 days into his term, prices have done the exact opposite — a direct result of his tariffs.
And while Trump has often declared, “I love the farmers,” his policies have shown anything but love. His tariffs have left farmers with lower prices for their crops and consumers with higher prices for food — an outcome that feels both backward and cruelly ironic.
In the end, Trump has managed to create an economic environment that defies logic: farmers earning less, families paying more, and a farm economy that once powered America now struggling under the weight of policies that promised prosperity but delivered pain instead.
