Defiant US soy farmers hoard their crops
Prices have plunged since the China-US trade war, and many farmers are holding on to this season’s harvest, hoping trade tensions will ease before their crops go bad
Chicago — Caught smack in the middle of the US-China trade war, America’s soybean farmers are taking a huge gamble. Rather than selling the crop right away as they pull it out of the ground — as they do almost every harvest season to pay the bills — they are instead stashing it in silos, containers, bins, bags, whatever they can get their hands on to keep it safe and dry. The hope is that over the next few months, trade tensions will ease, and China, the top market for the oilseed, will start buying from US farmers again, lifting depressed prices in the process. A bushel of soybeans fetched just $8.87 on Friday. Eight months ago, before trade tensions led to tariffs, it was about $2 more. The risks are great. While futures trading indicates higher prices next year, that could change depending on trade negotiations and rising supplies. Moreover, the crop could go bad on them. Soybeans are not corn. They do not store nearly as well. If not kept super dry, they can take on moisture fas...
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