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Soybean sales stagnate: farmers brace for piled corn, packed bins

An American Soybean Association board director is concerned about the current landscape for U.S. ag exports.

Jamie Beyer, who farms in west-central Minnesota, tells Brownfield China’s lack of new-crop soybean purchases is weakening basis levels in the region.

“The elevators around here, we’re not hearing that anyone is going to decline delivery. They’re just making plans to pile corn outside and put beans in the bin. So I think we’re all anxious about that.”

She says farmers are often at the mercy of federal policies and some sort of financial assistance might be appropriate.

“We don’t set the prices and we’re subject to a whole bunch of external market influences, so at the end of the day all the commodity groups are trying to figure out what’s the best set of initiatives for American farmers. And working on all of these things is likely what’s needed.”

The Financial Times reported this (last) week the Trump administration is drawing up plans to use tariff revenue to fund a program to support farmers as they head into harvest facing falling export sales and rising input costs, according to Ag Secretary Brooke Rollins.