Soybean prices have reached an absolute peak

According to the analytical portal, soybean futures prices on the Chicago Board of Trade have exceeded the mark of $ 1,000 per 100 bushels (according to the latest update - 1019.25 dollars / 100 bushels) and this trend has been going on for 11 weeks in a row. 


Last year, soybeans reached their maximum price twice — in October, and later in December 2019. Yet, on September 14, 2020, there was a breakthrough — soybeans reached their maximum value earlier and the price is higher.


Experts attribute this growth to the weakening of the US dollar, strong export demand and another deterioration in crops due to weather conditions.


In Ukraine, the situation is similar: soybean and sunflower prices are rising due to the same climatic problems.