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Record Demand for Soybeans, Wheat Falls as Dollar Rises

March 15, 2010 at 21:54 by Vladimir Vyun

Soybeans gained after demand for the grain from makers of animal feed and vegetable oil in the U.S. increased in the past month. Processors consumed 148.35 million bushels of soybeans in February, which is 15 percent higher than in the previous year and highest level for the month ever. Dwindling U.S. stockpiles is a supportive factor for the grain price. May futures for soybean delivery rose $0.0525 (0.6 percent) to $9.3075 per bushel as of 11:25 on CBoT.

Wheat fell on concern that a rising dollar will cut appeal of the U.S. supplies and as good weather conditions resulted in the favorable outlook for the winter crop in Kansas. The greenback rebounded 0.7 percent versus a basket of six major currencies. The government report showed that inventories may reach 27.2 million metric tons by May 31st, the highest level since 1988. May futures for wheat delivery slid $0.045 (0.9 percent) to $4.8075 per bushel by 11:45 on the Chicago Board of Trade.

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