Ag markets in “uncharted territory”
These are uncertain times for ag markets.
U.S. Soybean Export Council consultant John Baize says the world is in uncharted territory as the coronavirus continues to spread.
“You have to realize that we haven’t been here before, at least in a long time. I don’t know that we’ve shut down transportation as much as we have, (and) certainly not airline flights as much as it’s been done. We’re shutting down schools, we’re shutting down universities.”
He tells Brownfield it is encouraging that federal and state governments have designated agriculture as critical infrastructure.
“Everybody wants to live, and they don’t want to run the risk of catching a potentially fatal virus. I’m not sure how anyone is going to live with this, I’m afraid we’re just going to muddy through and see how we do on this over the next few weeks.”
Baize says commodity prices will find some support if the Chinese follow through on phase one purchase commitments.