Soybean prices again climbed on Tuesday in Chicago reaching a historic record of 650.74 dollars the ton, boosted by investors’ purchases fearing limited supplies because of the worst drought in the US in the last five decades.
US and European wheat futures gained again on Thursday as importers took advantage of a price fall earlier in the week and as operators continued to anticipate Russia would drop out of export markets in the coming months due to drought-hit supply.
The commodities soy and corn’s prizes sky rocked on Thursday thanks to the severe drought that has been punishing the United States heartland. Soy and corn were being sold at record high of 638.89 dollars/ton and 320.26 dollars/ton respectively.
Drought in major soybean producers Brazil and Argentina cut their production more deeply than expected the US government said on Tuesday in a report that drove prices to near their highest since 2008.
Corn futures rose to a two-month high on mounting demand from China, the world’s second-biggest consumer.