Soybean prices are at their four-month peak. Similarly, the price of corn too rose to its highest level since early July regardless of the hot, dry weather in parts of South America that is raising concerns about the scenario for both crops. Soybean trade prices have grown for nine consecutive terms, the longest period of appreciation seen since April. The southern regions of Brazil and Argentina will remain dry and hot in the coming weeks, putting “a lot of stress” on plants in those areas, Donald Keeney, senior meteorologist at Maxar, said in an email last week. Analysts predict that Brazil, the largest producer of soybeans, will yield a record harvest in early 2022, although increased arid conditions could reduce productivity. Meteorologists in Argentina also warn of impending drought as the La Niña weather phenomenon is expected to cause drought in many crop areas.
Source: Money Times/Datamar News