U.S. soybean prices have surged in recent months amid shrinking forecasts for South American crops.
Prices for soybeans—the base ingredient in many food products, poultry and livestock feed and renewable fuel, among other things—are edging back toward highs reached last year, which hadn’t previously been seen in a decade. Abnormally dry weather in South America that has spurred surges in coffee and sugar prices also has affected soybeans there, and U.S. farmers are poised to take advantage by planting more this year.
Soybean futures on the Chicago Board of Trade are trading at their highest level since June, with the most-active contract closing up above $15.80 a bushel on Friday. Soybeans have risen over 18% in the year to date, outpacing prices for corn and wheat, which have climbed in reaction to tensions at the Russia-Ukraine border.
Higher prices for animal…
