Soybeans close at record $17.32 per bushel

From the Des Moines Register:

The November new crop soybean crop closed up 49 cents per bushel to a record $17.32 Tuesday on the Chicago Board of Trade, erasing the month-old record of $16.91.

“The world has a tight supply of soybeans after the Brazilian crop was hit by drought and now the U.S. also struggles with drought,” said Darin Newsome, grain analyst with DTN in Omaha.

Newsome said that with worldwide soybean stocks at low levels, “traders are worried that the global situation could slide close to zero.”

Many traders have hoped that the cooler weather since August began, plus some light rains, could help soybeans escape what almost certainly has pushed corn yields to 20-year lows.
But Newsome said “there was so much early planting this year that the July heat that did in the corn also hit the soybeans as well.”...MORE