As U.S. farmers are finishing the soybean harvest this week, they were greeted with rising soybean prices, which neared $10.00 per bushel. Prices gained on hopes for more demand from China’s pork producers, who need soybeans to feed their increasing hog herds. Livestock demand in the United States is stronger as well, as U.S. hog and cattle numbers are near record levels.
Prices are also gaining as concerns mount about dry weather in Argentina, where farmers are planting their crop. Argentina is one of the world’s largest soybean exporters, but bad weather there could hurt their upcoming crop, creating more demand for U.S. beans.