Soyabean prices risk an explosive surge this summer as US stocks could be virtually exhausted before the arrival of the new crop in the autumn, due to production problems in Latin America and strong demand from China.
The price of soyabeans in Chicago has surged 40 per cent since the start of March, with the benchmark CBOT July contract pushing above the key $12 a bushel to an eight-month high of $12.27 a bushel this week.
“The market is on a reconnaissance mission,” said Greg Wagner, senior analyst at Ag Resource in Chicago. “We are seeing a classic demand rationing rally but without any evidence that prices are managing to ration demand.”
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