Emiko Terazono reported yesterday at The Financial Times Online that, “Soyabeans hit a record high after a sharp fall in monthly Brazilian exports raised further fears about falling global supplies.
“The worst drought in the US in half a century has pushed corn and soyabean prices above record levels seen during the 2007-08 global food crisis, heightening concerns of a reprise of big food price increases and riots.
“CBOT September soyabeans rose as high as $17.94¾ a bushel, beating the previous record reached on August 30, before trading up 1 per cent at $17.81 a bushel.”
The FT article added that, “The rise in soyabean prices to a fresh high came as several UN agencies warned of a ‘repeat of the 2007-08 world food crisis.’”
Also yesterday, Ian Berry reported at The Wall Street Journal Online that, “Soy futures continue to ride higher on dwindling crop expectations and continued demand from China. As long as China continues to need soybeans, the U.S. will see more export sales, analysts said.”