Soyabean prices risk an explosive surge this summer as US stocks could be virtually exhausted before the arrival of the new crop in the autumn, due to production problems in Latin America and strong demand from China.

The price of soyabeans in Chicago has surged 40 per cent since the start of March, with the benchmark CBOT July contract pushing above the key $12 a bushel to an eight-month high of $12.27 a bushel this week.