Soybean prices may rise this year because U.S. farmers plant less and demand for animal feed and cooking oils made from the oilseed will increase, said Richard Feltes , vice president of research for R.J. O’Brien & Associates LLC.
IntercontinentalExchange Inc., the second-largest U.S. futures market, is adding agricultural contracts to draw trading from speculators betting on price swings linked to changes in U.S. government crop estimates.
Corn futures surged to 13-month high and soybeans extended a rally to the highest price since January after Russia halted grain exports for the rest of the year, following the worst drought in at least five decades.
CME Group Inc., owner of the world’s largest grain market, is set to cut trading hours next week as the exchange backs off expanded access that customers complained was too long and eroded market liquidity.
Wheat prices may rally another 12 percent from a 23-month high as a Russian ban on grain exports boost demand for stockpiles from the U.S., said Bob Young , the chief economist at the American Farm Bureau Federation.