Soybeans Surge to Record as Midwest Drought Scorches Crop
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Crop prices surged in Chicago, lifting soybeans to a record, as the worst U.S. drought since 1956 scorched fields and raised chances of higher food prices.
Soybeans reached $16.5125 a bushel today on the Chicago Board of Trade, surpassing the previous peak of $16.3675 on July 3, 2008. Corn rallied to the highest since 2008 and came within 1 percent of its all-time record, while wheat surged above $9 a bushel to the highest in almost four years.