Soybeans: From Boom to Bust
Exports nearly doubled in May compared with April in anticipation of cost hike
A rush to get soybeans out of the country ahead of retaliatory Chinese tariffs caused a spike in exports in the second quarter as farmers and grain elevators hurriedly loaded trains and ships, reports the Star Tribune.
Then, sales slowed to a crawl.
“We’ve seen a downturn in orders for new crop,” says Bob Zelenka, executive director of the Minnesota Grain and Feed Association, which represents grain elevators. “We’re going to be probably sitting on some soybeans this fall in storage.”
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