As farmers across the U.S. struggle with persistent drought, Soybean costs hit their highest level since 2008. A bushel of Soybeans in Augusts now costs $16.84 as Wheat and corn prices are also on the rise. Unprecedented heat and lack of rain has deteriorated many Midwest crops and it doesn’t look like they’re going to see precipitation any time soon. Because supplies for growing these crops is expected are expected to remain tight, traders are buying up contracts for them now. For corn, at least, analysts believe even if it rains, the damage for this season is beyond repair. Whether soybeans will survive the cruel summer remains to be seen.
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