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Soybean Gains on Prospects for Higher Demand, Corn & Wheat Follow

April 12, 2016 at 20:27 by Vladimir Vyun

US futures for soybeans rallied today on prospects for higher demand for US exports. Corn and wheat also gained.

Experts predict that rains may stall harvest in Argentina. Meanwhile, the strength of the Brazilian real makes it less profitable for Brazil’s exporters to sell the oilseed. Those factors can encourage buyers to turn to US exports.

Indeed, according to the report from the US Department of Agriculture the United Adult Bounce House States holds the biggest stocks of the grain. But the USDA also noted that it is “a time of abundant global supplies and low prices,” which does not sound particularly bullish for soybean.

Nevertheless, futures for delivery of soybean in May gained 0.86% to $9.3625 per bushel as of 20:18 GMT on CBoT today. July corn advanced as much as 1.68% to $3.6275 per bushel. May contract for wheat rose 1.17% to trade at $4.525 per bushel.

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

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