Soybean Prices Surge to Nearly Two-Year Highs

Posted on 03/09/2017 10:22 AM

Front-month soybean futures surged above $11 for the first time since September 2014 and hit their highest level since July 2014. Soybeans have posted their longest run of weekly gains in 12 years. While much of the bull rally has been speculative-driven, there's fundamental backing as smaller-than-expected South American crops have pushed more export business to the United States. Corn futures moved to their highest level since October. Strong export demand continues to provide fundamental support, but corn continues to lag the price surge in soybeans. Wheat futures posted weekly gains after a volatile week of trade. Spillover support from corn and soybeans encouraged short-covering.

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Cattle futures worked higher coming out of Memorial Day weekend as wholesale beef trade strengthened. Summer-month hog futures rallied to contract highs as traders extended the premium those contracts hold to the cash index.

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