Soybean prices, China trade agreement impact corn and other crops as harvest wraps up

REGAN, N.D. (KFYR) – As harvest is wrapping up, the soybean trade war with China is affecting commodity prices for other crops, while the trade agreement has hardly made a difference.

As the corn harvest rolls into November, farmers are left with mixed emotions.

“You’re really thankful that it’s a good crop, because if this wasn’t a good crop with bad prices, it would really hurt,” said James Meyer, a farmer and rancher in Regan.

Meyer has been waiting for the corn harvest for a long time. The weather and market conditions have been poor, but he can finally harvest his corn crop.

Corn prices are at around $3.75 to $4.50 per bushel, compared to the $7-$8 per bushel typically needed for profitability. This is driven by trade issues. Due to the soybean crisis, many farmers switched to corn production, which also decreased commodity prices for the crop through increasing supply. The same happened with wheat and barley. Elevators also get jammed with grain they weren’t expecting, reducing storage space.

“Soybeans grow up, corn might follow. They can move independently, but a lot of the time, you’ll see them move in tandem,” said Meyer.

Despite this, however, corn and other commodities were minimally affected by Trump’s agreement and visit to Asia.

“There’s been a little bit of a bump in the market, but it’s not moving drastically,” said Meyer.

Meyer said it will take a more comprehensive trade deal and more purchases of U.S. soybeans to bring commodity prices back to profitable levels.

Meyer said he’s harvested 1/6th of his corn, and the Burleigh County NDSU Extension office says the overall corn harvest is 50% complete.

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