Tariffs Begin to Take Their Toll
Storage in North Dakota is tight; mothballed country elevators have been called back into service
United States tariffs are beginning to take their toll on farmers and the storage, shipping and freight operations they need to move their crops to market reports CNBC.
In North Dakota, soybeans from 2017 are still in storage after China pulled its contracts. Of the 15.9 million bushels left from that year's crop, 12.1 million bushels are sitting in grain elevators. That's an increase of 68%.
"Storage is an issue," Tim McGreevy, CEO of the USA Dry Pea and Lentil Council, told CNBC. "Even some of the mothballed country elevators have been called back into service."
Simon Wilson, executive director of the North Dakota Trade Office, said, "Ironically, because of the Trump tariffs and China's demand for Brazilian soybeans, eight new export elevators are being built."
Read the full report here.