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Oil Down After G20 Meeting, Soybeans Touch Five-Month Record

February 27, 2012 at 23:29 by Vladimir Vyun

Crude oil fell today after Europe’s request for help was declined on the Group of Twenty meeting until the European Union will boost its financial firewall to defend from the debt crisis. The members of G20 were unhappy with slow reaction to problems and long time needed by EU members to make any meaningful decision. April contract for delivery of crude oil dropped as much as $1.21 to $108.56 per barrel on NYMEX. Brent crude slid from $125.25 to $123.30 per barrel as of 23:12 GMT on ICE today.

Soybeans gained today, reaching five-month record, on forecast that declining supply from South America may lead to higher demand for US exports. Forecasters predict that soybean yield in Brazil will drop to 68 million metric tons in 2012 from 75.3 million in the preceding year. Estimate of Argentinean harvest was revised down to 44.5 million tons from the January forecast of 49 million. Soybean price climbed from $12.7800 to $12.9350 per bushel on CBoT today and touched $12.9500 — the highest level since September 22.

If you have any questions and comments on the commodities today, use the form below to reply.

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