Across the U.S. Midwest, farmers are taking in their annual harvests of corn, soybeans and sorghum. This year, they have a special problem: Where to put it all?
A report at Bloomberg notes grain storage levels already have been extraordinarily tight. Chinese tariffs, lackluster prices and near-perfect growing conditions, means even less space this time around.
Stockpiling grain is more expensive than it’s been in the past. Rising interest rates have increased the price of borrowing to pay for commercial storage.
And there simply isn’t the space. Thanks in large part to the threat of tariffs, at the end of September there were already 438 million bushels of soybeans in U.S. stores left over from the 2017 season, up 45% from a year earlier and more than double the amount at the same time two years ago.
Read the full report at Bloomberg.
