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Soybean Crop May Rise to a Record in Brazil; Corn & Cotton Gained

September 28, 2009 at 21:41 by Vladimir Vyun

Soybean harvest may rise to a record in Brazil, the second biggest soybean producer in the world, next year as declining prices for corn makes farmers shy away from planting it. Crop is also helped by the above-average rains in major producing regions. Forecast for soybean output this year, according to Brazil’s Agriculture Ministry, is 57.09 million metric tons on September 8th, compared to last month’s estimate of 57.11 million.

Corn gained on signs that smaller harvest in China and Argentina may boost demand for supplies from the U.S., the biggest producer and exporter in the world. Chinese Production may drop to 148.8 million metric tons (10 percent), down from a record 165.9 million last year as dry weather damaged crops. Argentina may plant the smaller crop after the government delayed plans to lift a ban on exports. Decreasing global corn yield makes U.S. export potential bullish. December futures for corn delivery advanced $0.0475 (1.4 percent) to $3.3875 per bushel as of 11:15 on CBoT.

Cotton prices rose in New York after a report about slower Chinese production. Cotton production in China may fall to 7.02 million tons this year (9.9 percent down from last year). December futures for cotton delivery gained $0.0087 (1.4 percent) to $0.6281 per pound by 12:28 on ICE Futures U.S. in New York.

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