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Soybeans Soar to 9-Year High With South America Supply in Doubt

  • Drought has hurt production outlook in growers like Brazil
  • Shortfalls spur more buyers to shift toward U.S. purchases
Soybean fields in Brazil.

Soybean fields in Brazil.

Photographer: Dado Galdieri/Bloomberg
Updated on

Soybeans climbed to a nine-year high as dimming prospects for South American harvests threaten global supplies.

Futures advanced as much as 2.4% to $16.75 a bushel in Chicago, the highest for a most-active contract since late 2012, when drought in the U.S. hampered production. That risks exacerbating inflation for global food and livestock feed, which have also been hit by snarled supply chains, labor shortages and rising energy bills.