News last update:7 Aug 2012

Soaring soybean prices climb to record high

Prices for soybeans in Chicago haven't been so high for almost two decades on speculation that demand for the oilseed will surpass global supplies.

The US Department of Agriculture in its November 9 estimates expects US reserve supply of soybeans for next year to be 210 million bushels or 63% less than this year. Importers currently need to rely on supplies of the new crop from the US and stockpiles of the old crop in South America.

Soybean futures for January delivery gained 11.25 cents, or 1%, to $10.89 a bushel in after-hours electronic trading on the Chicago Board of Trade as of 9:55 p.m. in London. That's the highest since June 1988. Most-active futures rose for the sixth consecutive week. The price has risen 63% in the past year after US farmers planted the fewest acres in 12 years to sow more corn.

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