Soybean Prices Reach Record High
Expectations for Tropical Storm Isaac to cause more damage to crops already affected by the drought has caused the price of soybeans to reach a record high. Those for September delivery have reached nearly 17-dollars and 70-cents per bushel and November delivery reached around 17-dollars and 63-cents per bushel. While some areas had fairly good soybean crops – those crops now face more problems with the storm hitting soybeans in the final phase of growth – which don’t need a lot of moisture or the wind that could flatten the plants. Nearly 40-percent of the U.S. soybean crop is in poor to very poor condition and global supplies are low – though demand is strong.