>> Eric: JOINING US TO TALK MORE ABOUT PRESIDENT TRUMP'S VISIT TO CHINA, SOARING SOYBEA FUTURES AND MORE, MINNESOTA AGRICULTURAL COMMISSIONER THOM PETERSEN, THANKS FOR COMING BACK SO SOON.

>> THANKS FOR HAVING ME BACK SO SOON, YEAH.

>> Eric: HAVE THE CHINESE BEEN GOOD ABOUT CARRYING THROUGH TRADE DEALS LIKE IS THIS?

>> THAT'S A REALLY IMPORTANT THING ABOUT WHAT HAPPENED LAST WEEK AND SOMETHING I THINK ABOUT A LOT IS, YOU KNOW, YOU CAN HAVE A DEAL BUT WHAT WE NEED IS PURCHASES.

WE NEED TO MAKE SURE THAT WE PURCHASE THAT.

WE DID HAVE A DEAL IN THE FIRST TRUMP PRESIDENCY THAT WAS SIGNED I THINK IN 2020, AND THEN YOU NEVER FOLLOWED THROUGH WITH THAT.

AND TO BE CLEAR THE BIDEN ADMINISTRATION POTENTIALLY COULD HAVE BEEN, YOU KNOW, HARDER ON THAT TOO AS WELL.

SO, YOU KNOW, THE NEWS THIS WEEK WITH THE MEETING WITH PRESIDENT TRUMP AND PRESIDENT XI, IT IS WELCOME NEWS.

BUT, YOU KNOW, I'LL SLEEP BETTER WHEN I ACTUALLY SEE PURCHASES THAT MEAN OUR SOYBEANS ARE LEAVING THE STATE.

>> Cathy: ANY IDEA WHEN THOSE PURCHASES COULD START?

>> WELL, THERE WAS ACTUALLY ON WEDNESDAY THERE WAS A SMALL PURCHASE MADE, I KNOW THAT'S KIND OF A TOKEN PURCHASE THAT KIND OF TEED UP THE WHOLE THING.

SO IN SOME WAYS THEY'VE ALREADY STARTED BUT WE NEED THOSE BIGGER PARTS AS ERIC SAID, 12 MILLION METRIC TONS AND 25 MILLION METRIC TONS, ND AS THOSE GO FORWARD, YOU KNOW, BUT CONFIDENT THAT HOPEFULLY THAT WILL HAPPEN.

>> Eric: IS THERE A WAY TO EXPAND THE DOMESTIC MARKET TO NOT BE SO RELIANT ON OVERSEAS PARTNERS?

>> YOU KNOW, ABSOLUTELY.

THAT'S SOMETHING MINNESOTA'S BEEN DOING FOR A LONG TIME.

AND WE HAVE, FOR EXAMPLE, WE HAVE 20% BIODIESEL BLEND FOR THE WARM MONTHS OF THE YEAR.

WE HAVE 20% BIODIESEL IN OUR DIESEL AND 5% IN THE WINTERTIME.

THAT IS SOMETHING REALLY IMPORTANT.

OUR SOYBEAN MEAL IS SOMETHING THEN WE FEED TO OUR LIVESTOCK BUT KEEP IN MIND BEEF HAS BEEN IN THE NEWS A LOT WITH ARGENTINA AND OTHER THINGS, OUR LIVESTOCK HERD IS ALSO LOW.

WE HAVE AVIAN INFLUENZA SO WE HAVE LESS DIFFERENT PRODUCTS BEING EATEN BY OUR LIVESTOCK AND POULTRY BUT WE ALSO HAVE SUSTAINABLE AVIATION FUEL, MANY THINGS ON THE FOREFRONT.

BUT THAT'S OT GOING TO HELP OUR MARKETS NECESSARILY THIS YEAR BUT IN THE FUTURE YEARS HOPEFULLY THAT HAPPENS.

>> Cathy: YOU KNOW, IS THERE ENOUGH, WE WERE JUST TALKING OFF AIR HERE WHICH I DIDN'T REALLY THINK ABOUT THIS, FARMERS ARE NOW GETTING THE CORN IN, RIGHT, SO HOW'S THAT WORKING WITH HE SOYBEANS THAT HAVE BEEN HARVESTED ALREADY?

ARE THE BEANS IN THE BINS AND WHAT ABOUT THE CORN?

>> YEAH, AND THAT'S A GREAT QUESTION.

BECAUSE WHAT I EVERY DAY FARMERS CALL ME ALL THE IME AND I ALWAYS ASK HOW'S YOUR HARVEST GOING, AND THEN I ALWAYS ASK WHAT DID YOU DO WITH YOUR SOYBEANS?

AND I'M ALWAYS INTERESTED IN THIS AND MORE AND MORE FARMERS ARE HANGING ONTO THEIR SOYBANS, IF THEY HAVE STORAGE THEY'LL PUT THEM IN, NOT ALL OF THEM BUT MORE FARMERS THAT I TALK TO.

AND THEY'RE GOING TO SEE WHAT HAPPENS WITH THE CHINA DEAL.

THAT MEANS SOME OF OUR CORN NEEDED TO GET MOVED.

A LOT OF FARMERS SEE THIS AND TRY TO SELL THEIR WHEAT, SELL THEIR CORN.

WE SEE BIG PILES IN WESTERN MINNESOTA WHICH IS NOT UNUSUAL.

WE'VE HAD A NICE HARVEST THIS YEAR, IT'S COMING IN GOOD.

THOSE STORAGE ISSUES ARE GOING TO BE CHALLENGING IF WE'RE NOT MOVING SOME OF OUR PRODUCT OUT SOON.

>> Eric: DOES THE FEDERAL RESERVE RATE CUT, RECENT ONE HELP?

>> YOU KNOW, EVERYTHING HELPS, RIGHT NOW WE KNOW FARMERS ARE STRUGGLING.

I CAN LOOK AT REMEDIATION NUMBERS, IN JULY OF '25 THEY WERE FIVE TIMES WHAT THEY WERE.

THAT MEANS FARMERS ARE BEHIND, CLOSE TO BEING CALLED IN AUGUST.

BANKRUPTCIES ARE UP, SO HAVING INTEREST RATES CUT IS GOING TO HELP IMMENSELY.

WE PROBABLY NEED ANOTHER CUT.

I DON'T KNOW THAT WE'LL GET THAT IN DECEMBER OR JANUARY BUT WE'LL, FINGERS CROSSED BECAUSE SOME OF OUR FARMERS DO NEED HELP.

>> Cathy: THIS IS KIND OF A BIG OVERARCHING QUESTION BUT I'M WONDERING HOW THE HECK DO YOU STABILIZE THE FARM ECONOMY?

>> WELL, CATHY, I THINK WHAT YOU HIT IS REALLY KEY ON THIS WHOLE THING.

I'VE BEEN THINKING ABOUT THIS TOO.

BASICALLY ON THE CHINA DEAL WE'RE GETTING BACK TO WHERE WE WERE, THE 25 MILLION-BUSHEL, OR PURCHASE, THAT IS SIMILAR TO WHAT WE HAD, YOU KNOW, AND SO WHAT DID WE ACCOMPLISH IN THE LAST YEAR?

BUT I SEE WHEN I TALKED WE HAD A GROUP FROM TAIWAN THIS WEEK, WE'VE HOSTED FOLKS FROM VIETNAM, DENMARK, WE'RE ALWAYS LOOKING FOR OTHER MARKETS BUT WHAT THEY TELL US IS WE NEED AMERICA TO BE A STABLE TRADING PARTNER AGAIN.

YOU KNOW, WE CAN'T HAVE A TARIFF CHANGING VERY OTHER WEEK.

SO THAT IS HARD.

BUT THAT'S WHAT WE NEED IS STABILIZATION, I HOPE THAT'S PART OF THIS WHOLE DEAL.

>> Eric: WHAT DO YOU THINK ABOUT IMPORTING BEEF FROM ARGENTINA?

IS >> I'M NOT FOR THAT.

>> Eric: WHAT'S THE PROBLEM THERE?

>> WELL, WE DO IMPORT SOME BEEF.

I DIDN'T LIKE THE WAY IT WAS HANDLED EITHER.

I THINK THAT THIS IS A BIG PROBLEM BOTH WITH THE SOYBEAN AND WHAT WE SEE AS WHEN THAT TWEET CAME OUT, WHEN THAT STATEMENT WAS MADE IT DROPPED THE MARKET IMMENSELY RIGHT AWAY FOR SOME OF OUR FARMERS.

WE DO ALREADY IMPORT BEEF FROM ARGENTINA, BUT OUR CATTLE FARMERS ARE HAVING A BETTER YEAR.

THEY HAD DROUGHTS IN '21 AND 23 THAT REALLY PUT THEM IN A SITUATION, IT'S HELPFUL FOR THEM TO CATCH UP, REBUILD THEIR HERD.

THERE'S OTHER WAYS THAT WE CAN DO THAT.

AND WE HAVE CONCERNS ABOUT FOOT-AND-MOUTH DISEASE IN ARGENTINA, WE HAVE CONCERNS ABOUT THEIR PRODUCT.

AND THEN I HAVE CONCERNS ABOUT WHO'S GOING TO MAKE MONEY IN ALL OF THIS?

I DON'T THINK IT'S GOING TO BE OUR FARMERS.

YOU KNOW, TO ME I WORRY ABOUT THE PACKERS AND THE MIDDLEMEN, YOU KNOW, AND SO I PREFER TO GROW OUT OUR OWN BEEF HERE.

WE HAVE GREAT PROGRAMS LIKE OUR MINNESOTA GROWN PROGRAM AT THE DEPARTMENT OF AGRICULTURE WHERE PEOPLE CAN PURCHASE LOCALLY TOO AS WELL FROM LOCAL FARMER, AND WE SEE A REAL RESURGENCE IN MEAT LOCKERS AROUND THE STATE OR LOCAL BUTCHER SHOPS.

SO WE'LL KEEP WORKING ON ALL THAT, BUT TO ME IT IS A CONCERN.

>> Eric: YOU'RE ON A ROLLERCOASTER.

>> EVERY DAY, LIKE COMMISSIONER BROWN YOU JUST HAD ON, IT'S EVERY DAY IS AN ADVENTURE.

>> Eric: APPRECIATE YOU COMING OVER.

>> Cathy: THANKS, HAVE GOOD WEEKEND.

APPRECIATE IT.

>> THANK YOU.

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