Low prices are leaving many soybean farmers unsure how to handle the bushels being harvested this fall.
Harmon Wilts farms in west-central Minnesota.
“It’s as tough as I’ve ever seen it from the standpoint that the basis is so wide right now at about $1.15. Futures market isn’t good, the basis are wide. And a number of elevators are saying ‘hey we’ll take your beans, but you have to sell them the day you bring them in.’ So that leaves no upside potential.”
The Swift County grower tells Brownfield economic conditions are worsening.
“I think it’s putting a lot of people in a pretty bad situation, and last year wasn’t good for cash flow either, and this year is worse. So I have a lot of neighbors that are pretty worried (and) myself as well (about) what is the cash flow going to look like for 2025 and ’26.”
Wilts says from a financial standpoint, this is the most challenging time in his 30 years of farming.
