The 2012 growing season lacked moisture to maximize grain production in many parts of the Midwest and High Plains. However, in Iowa, the nation's No. 1 producer of soybeans, the drought didn't affect the soybean crop as much as it did the corn crop.
"Even with the drought, we had the seventh largest soybean crop in history," said Grant Kimberley, director of market development for the Iowa Soybean Association. "Supplies are smaller than we'd like to have, but with the continual increases in yield and production, farmers have continued to produce large amounts of soybeans."
Kimberley said global demand for soybeans has also helped push the need for more soybeans and helped keep the prices up.
"The global demand for U.S. soybeans has certainly helped keep the price of up for farmers. We need a strong export market to diminish the quantity we have," he said.