Farmer Reacts To Soybean Prices Hitting Two-Year High

Soybean prices have risen more than 16% since the start of August, according to the Wall Street Journal

NORTH DAKOTA.- Soybean prices continue to hit all time highs despite pandemic and other factors.

Chris Brossart from Wolford, North Dakota is getting ready to harvest soybeans.

“Next week we should have roughly 1,000 acres that should be ready to harvest.”

Brossart is a farmer and the Vice Chairman at the North Dakota Soybean Council.

He says the industry has been through some highs and lows this year.

“And a lot of it is dependent on demand. There’s some other things that have affected it,” Brossart said.

So to hear that soybean prices have hit a two-year high was a bit surprising, but not unexpected.

“A lot of what’s fueled that rise is uncertainty. So I think part coupled with very good demand. China has come and made quite a few purchases in the last two to three weeks,” Brossart said.

For Brossart, the future of the soybean industry looks hopeful.

“If commodity prices, especially for soybeans stay up, we’ll probably have more beans planted next year. In return, that also may mean more American soybeans and in return that also will lower prices,” Brossart adds.

According to the Wall Street Journal, most-active soybean futures trading on the Chicago Board of Trade closed Friday at over $10.43 per bushel, their highest level since May 2018.

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