As Trade War Continues, Soybeans Sit
In Minnesota, farmers are storing tens of millions of bushels in silos and elevators
Soybeans have been harvested across the Midwest, but tens of millions of bushels are sitting in bins on farms and at grain elevators reports the Star Tribune.
Unwilling to sell at current prices and hopeful that progress on trade talks with China will be a boost to the market, farmers have decided to hold on to their crop as long as they can.
Minnesota has about 600 million bushels worth of storage capacity at grain elevators and another 2 billion bushels on farms, where farmers have been building more and more bins over the past 20 years.
The state’s storage capacity has not been filled yet, in part because last year’s rainy spring and early summer kept corn yields down.
“A lot of soybeans are going nowhere right now,” said Bob Zelenka, executive director of the Minnesota Grain and Feed Association.
Read the full report at the Star Tribune.