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Corn & Soybeans Fall as Supply Concern Wanes

February 6, 2013 at 19:15 by Vladimir Vyun

Corn and soybeans fell today as forecasts of favorable weather in South America eased concerns about global supply. According to World Weather Inc., as much as 0.9 inch (2.3 centimeters) of rainfall will shower about 85 percent of the fields in Argentina. Dry weather in northern Brazil should accelerate harvest, while rains will bolster growth of plants in the southern part of the country.

Previously, concerns about adverse weather in the United States helped the grains to rally. It now looks like supply from South America should make up for falling output from the North American country. On top of that, forecasters suggest that weather conditions may improve in the USA itself next week.

March futures for corn dropped $5.50 (0.75 percent) to $7.2350 per bushel and contract for soybeans subtracted $8.25 (0.55 percent) to $14.8725 per bushel as of 19:05 on CBoT today.

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