Prices of soybeans futures rose by 35% to reach their peak values in summer, 2022. Soybeans are primarily used in the food industry, including it being used as a fodder and also for biodiesel production. This crop is similar to maize which is also among exchange tradable goods.
Prices of soybeans were driven by high inflation, a lack of fertilisers, and weather uncertainties in several agricultural regions where soya is harvested. Latin America harvested 163 million tons of soybeans in 2022, primarily in Brazil and Argentina. This is more than in the United States, China, and India combined. Some agricultural brokers expect food prices to continue rising. Record crops are needed to satisfy the current demand, while bad weather and high fuel prices limit the supply.
