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NEW YORK—Soybeans surged to a record for a second straight day Wednesday on concerns that flood-battered Midwest crops may produce lower yields and strain supplies at a time of booming world demand.

Other commodities traded mostly higher, with crude oil hitting a new record and gold, silver, copper and agriculture futures all rising.

U.S. farmers plan to harvest 96.8 percent of this year’s 74.5 million acre soybean crop, down from an estimate of 98.7 percent that was calculated before severe floods struck the Midwest last month, the U.S. Department of Agriculture said i...