American farmers, already hurt by the U.S.-China trade war, are preparing for more pain ahead, thanks to the government shutdown, according to Tim McGreevy, a Washington-based farmer and the CEO of USA Dry Pea & Lentil Council.
Chinese tariffs on U.S. agriculture, imposed in response to U.S. duties on goods from China, have caused crop prices to drop. For pulse crops — dry beans, dry peas, chickpeas and lentils — that means a cut of 30 percent to 60 percent, McGreevy told CNBC on Monday.
However, last spring about 60 percent of pulse farmers took out what's called revenue crop insurance, which protects against price drops like this, he said on "The Exchange."
"We expect to have a fairly significant revenue insurance payment, but we have to have the harvest prices announced," he said.