The cost of November futures for soybean supplies during trading on the Chicago Mercantile Exchange on Monday reached the maximum since July 28 – $13.81 per bushel (+2.1%). However, quotations slightly recovered the morning growth, falling to $13.75, according to the data of the site reports Lenta.
Bloomberg associated such dynamics with the risks of increased drought in the United States. Thus, in Iowa, Illinois and Nebraska, which are major producers of corn and soybeans, there are warnings of abnormal heat.
According to meteorologists’ forecasts, from mid to late August, average temperatures in these states will rise to record highs. Agriturismo predicted that the “heat dome” will remain in place for at least a week. This circumstance could have a negative impact on the final bean crop, experts warn.
However, sowing conditions have changed for the better recently due to short rains in the Midwestern United States.