Attendees at the Best of the Best event learned more about the U.S. and China phase one trade deal. As the trade deal goes into effect, NDSU Extension crops economist Frayne Olson reminds farmers to approach marketing old crop soybeans differently than new crop soybeans. “I’m a little concerned farmers have been waiting for this phase one agreement, holding off on trying to do aggressive marketing on old crop beans until they see a big rally for the trade agreement. We may not get that. I’m thinking we’ll have a slow grind upwards on the markets.” Olson says farmers should be striving for pricing targets for soybeans and get old crop soybeans cleaned up. There’s a lot of uncertainty with new crop soybeans. One farmer asked Olson during the Best of the Best if they should learn to raise soybeans at the current price levels. Olson says the short answer is “yes, a trade deal may not solve all of the problems.”
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