SIOUX FALLS, S.D. (Dakota News Now) – As the soybean harvest comes in, local producers are wondering who will buy them.
How much more storage is available for soybeans in South Dakota? That’s one of the questions farmers may be asking, according to Commodity Analyst Austin Schroeder.
“We’re in a tricky situation. We’re trying to sell some soybeans right now. Obviously, everybody’s in the field,” Schroeder said.
There’s another source of frustration. While the US was in talks with Argentina to support the country, by purchasing about $20 billion of the country’s bonds, Argentina sold soybeans to China.
“Surprised that the administration was providing some funding to Argentina while they were competing against our soybeans,” said SD Soybean Association and Checkoff Executive Director Jerry Schmitz.
With thirty-to-forty percent of South Dakota soybeans going to China, Schmitz said there’s a mounting focus to make a deal.
“I would like to get the agreement done with China,” Schmitz said.
Senator John Thune offered support following a recent conversation with President Trump.
“We will take care of our farmers. He will see that our farmers and their economic plight is addressed,” Sen. Thune said.
“Assistance or something to producers. They did something similar in the last trade war,” Schroeder said.
In the meantime, there are other things to consider.
“What they will do if the elevators no longer have storage for their grain,” Schmitz said.
The South Dakota Soybean Association continues to court other buyers from the Philippines, Indonesia, Vietnam, Thailand, Nepal, Sri Lanka, and Pakistan, providing tours of farms and more.
“Come to a local elevator to see the care that’s taken, uh, to prepare them for shipment. And then last night we had a dinner with them so that we could talk back and forth,” Schmitz said.
Farmers in financial stress should reach out to their leaders.
“And we just need to all work together to try to work through this bump that we’re going through,” Schmitz said.
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