Drought in South America drives CBoT soybean prices to 4 ½ year highs

Today marks the seventh day in a row that CBoT soybean futures prices are rising. In the current night exchange, the increase is even very clear at 1.3%. On the derivatives exchange in Chicago, the $ 12 mark was traded on the night in the front month.
South America has a firm grip on the drought, especially in Argentina and Brazil, and the fear of supply bottlenecks is thus receiving new food every day. In addition, China buys large quantities of the oilseeds from the USA.
In Argentina, field work with soybean sowing has progressed rapidly over the past few days. But in most of the country it remains too dry.

Hansa Terminhandel GmbH
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