6 years ago36 views
The price of soybeans is going up around the world, costing nearly $17.23 a bushel…up 3.5 cents. This is thanks to China buying the popular commodity from US farmers at a rate of about five million metric tons a month. And according to the US Department of Agriculture, China purchased an additional 110,000 metric tons for delivery after the 1st of September.
Soybean supplies were already low, thanks to a major drought in the middle of the US. Nearly 40 percent of US soybeans are in poor to very poor condition.
At the rate that China is buying up soybeans, the US supply could be gone by February, Northstar Commodity analyst Jason Ward told the Boston Globe. He says it’s more important than ever for South American farmers to plant a big crop now.
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