Home Indiana Agriculture News Soybean Prices Reach Record High

Soybean Prices Reach Record High

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Expectations for Tropical Storm Isaac to cause more damage to crops already affected by the drought has caused the price of soybeans to reach a record high. Those for September delivery have reached nearly 17-dollars and 70-cents per bushel and November delivery reached around 17-dollars and 63-cents per bushel. The storm has moved into the Delta and in some areas of Arkansas, Illinois and Indiana – flooding some soybean fields.

 

While some areas had fairly good soybean crops – those crops now face more problems with the storm hitting soybeans in the final phase of growth – which don’t need a lot of moisture or the wind that could flatten the plants. Nearly 40-percent of the U.S. soybean crop is in poor to very poor condition and global supplies are low – though demand is strong.

 

Source: NAFB News service