It is very simply the law of supply and demand at work. High demand, low supply = high prices.
Brazil and Argentina both had poor crops in 2021~22. China was buying soybeans like mad, so supply was being outstripped by global demand.
Supplies have since rebounded and prices have fallen to near pre-pandemic levels. Even Ukraine has expanded their soy production in 2023~2025, so the supply is now very high, which drives prices lower.
It is very simply the law of supply and demand at work. High demand, low supply = high prices.
Brazil and Argentina both had poor crops in 2021~22. China was buying soybeans like mad, so supply was being outstripped by global demand.
Supplies have since rebounded and prices have fallen to near pre-pandemic levels. Even Ukraine has expanded their soy production in 2023~2025, so the supply is now very high, which drives prices lower.