Soybeans are a popular crop in North Dakota. So popular, in fact, that supply is having a hard time keeping up with the demand.
Every agricultural region in the lower 48 states has at least one area under drought conditions.
Soybeans rely heavily on moisture, and the widespread drought is putting more pressure on those growing the crop, particularly in North Dakota.
Experts say acreage is expected to be 22% higher for soybean crops this year over last year. However, without more moisture, yields may not be as high.
Cody Hatzenbuler from Pan Ag said, “As of right now, we don’t have enough moisture out there to raise a soybean crop, and that’s what’s driving the prices. So, we’re all gambling right now that it’s going to rain and we’re going to have a good soybean crop.”
Not only have prices of soybeans gone up, but the price of fertilizer has also increased.