Soybean prices on the Chicago Mercantile Exchange rose to their highest level since July 28. The price of soybeans rose more than 2% to $13.82 per bushel, according to trade data. In this respect to witness Trade data on the Chicago Mercantile Exchange (CME).
The rise in prices is linked to the abnormal temperature that hit key US soybean producing states this week. Warnings for dangerously high temperatures have been issued in Iowa, Illinois and Nebraska, which grow a large portion of the nation’s soybean crop. Bloomberg.
Both daily and monthly temperature records are expected to be broken in the coming days. Experts warn that such a heatwave could adversely affect the harvest of soybeans, which are now in an important stage of ripening.
In the coming days, analysts and farmers will assess crop yields and potential damage from heatwaves as part of an annual field tour. The publication summarized that the price dynamics of soybeans and other US crops will depend on it.
In early August, wheat futures started falls against the backdrop of stopping the grain deal.
Previous exchange rates for wheat fallen for at least 17 months – up to $7.1 per bushel.