Soybean prices have a chance of hitting the all-time high of $17.94 3/4 a bushel set in 2012 said Alex Sanfeliu, head of Cargill’s World Trading Group, in a telephone interview with Bloomberg. “We are in an environment where I think beans -- if the end of the crop weather pans out as expected -- we have the chance to reach all-time highs,” he said.
According to Cargill estimates, a total of 27 MMT to 28 MMT of soybean production in South America has been lost. As a result, he said prices need to go higher to reduce demand, get soybeans out of storage and buy acres for 2022. Sanfeliu said Cargill’s U.S. carryout stocks are “significantly lower” than USDA’s estimate.
He expects the higher soybean prices to help support other crops.
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