Soybean prices have risen nearly 30% this year to record levels, promising more pain for consumers facing the most severe bout of food inflation in a decade.
The continuous contract for soybeans on the Chicago Board of Trade was trading at $17.69 a bushel on Thursday, having hit a previous high of $17.68 when the US crop scorched in September 2012. Prices fell marginally on Friday, as traders pulled back one after the other from several markets red-hot US inflation reading that the fear of swift Federal Reserve interest rate hike,