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Corn & Soybean Futures Gain, Endangered by Rising Supply

February 13, 2013 at 2:54 by Vladimir Vyun

Corn and soybeans rose today after falling yesterday on speculations that favorable weather in the South America will boost yield of the grains. Output from the United States is also expected to pick up. DTN predicted that rainfall will start in Argentina by the weekend, while dry weather in Brazil will help the harvesting. Such forecast is in line with the previous predictions.

According to the US Department of Agriculture, Argentina, which is the largest exporter of corn after the USA, may supply 27 million metric tons. Output from Brazil is expected to be at 72.5 million tons. Both estimates beat analysts’ expectations.

Corn futures for delivery in March rose $0.0175 (0.25 percent) to $6.9800 per bushel as of 2:30 GMT on CBoT today. Contract for soybeans advanced $0.0350 (0.25 percent) to $14.13 per bushel.

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