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Soybean futures extended gains toward $14.8 per bushel, the highest since June 2021, on supply concerns and as demand remains strong.

The world’s largest exporter of processed soy, Argentina, suffered a prolonged drought from November until mid-January when some rains helped limit losses to crop yields and improve conditions but it is unlikely that the crop quality recovers substantially.

Soybean farmers in southern Brazil are also reeling from a prolonged drought Brazil’s soybean crop will fall to about 135 million tonnes from 138.5 million tonnes last year.

It estimates Argentina’s crop at around 42 million tonnes from 43.8 million tonnes last year. Meanwhile, crude oil prices are hovering around 7-year highs, providing support for vegetable oils, which are key feedstocks for making biofuel.

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