Price of soybeans spikes 25%

Severe rainfall in Argentina and – to a lesser extent – drought in Brazil has led to a rise in soybean prices by nearly 25% compared with the beginning of 2016. At least that is what the Chicago commodity market futures for July indicate. Argentinian farmers lost some 1.5 million hectares in recent floods, which will drastically reduce the country’s exports of soya and corn to the world market. On the Chicago Mercantile Exchange, soybean futures (July contract) traded as high as U