December 22, 2020
US soybeans reach six-year high following weather problems and wage strike in Argentina
US soybeans reached its highest price in six years on the Chicago Board of Trade following weather issues and a wage strike in Argentina, Reuters reported.
The Chicago Board of Trade most-active soybeans increased 23-1/2 cents to US$12.47 - 1/2 per bushel. This was after it reached US$12.48 - 3/4 per bushel on the day, the highest for the commodity since June 27, 2014.
A wage strike in Argentina meant that more than 100 cargo ships were unable to load agriculture goods.
There is also continued dryness in Argentina, which has affected soybean planting and global soybean supplies in 2021.
According to the US Department of Agriculture, soybean export inspections topped 2.5 million tonnes for the week ending December 17. This was 3.1% higher compared to the week prior.