Soybean Prices Near 1973 Highs (Published 2007) (2024)

Soybean prices surged to the highest level in more than 30 years yesterday because of strong demand from China and the dollar’s decline to a record low against the euro.

Soybeans rose to the highest price since 1973, when Russia began an import program that created a new source of demand for soybeans from the United States.

Analysts say the major demand now comes from China, where the soybean harvest this year was smaller than expected. Demand there has also grown rapidly along with economic development.

“The real story is China, which has a smaller bean crop than was previously thought and has recently been accumulating,” said John Roach, president of Roach Ag Marketing. “They were reluctant at first, then rushed the market over the past couple of weeks.”