As farmers prepare to harvest what may be a record-large soybean crop, their largest export customer has yet to make a buy. Without a deal with China, North Dakota farmers may not get a bid for their soybeans. According to North Dakota Soybean Council Chair Jim Thompson, the local cash market is pushing growers to store their beans.
North Dakota Soybean Growers Association President Justin Sherlock says the trade dispute with China needs to end. “Maybe it’s getting an interim trade deal with a country like China so we have somewhere to just physically move and sell those soybeans,” said Sherlock. He said farmers want the export markets restored first. “We just need to get rid of the crop right now, then we can figure out where we’re at financially as we go into the winter months and loan renewal season.”
-NAFB