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Soybean Heads to Monthly Gain, Other Grains Join Rally

January 29, 2016 at 21:08 by Vladimir Vyun

Soybean rallied today, heading to the first monthly gain since September. Prices rose on forecasts of adverse weather in South America. Yesterday, prices dropped to the lowest level in three weeks after the US Department of Agriculture reported that private exporters cancelled the sale of 395,000 tons of soybeans to China. Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, said to Reuters:

Cancellations are not unusual of course but they are a sharp reminder that soybeans are a buyers’ market right now.

Other grains rallied during Friday’s trading as well. Yet analysts remain concerned that most agricultural commodities are still largely under pressure from low demand and ample supply.

Soybean for delivery in March gained 1.67 percent to $8.8225 per bushel as of 21:04 GMT on CBoT today. Corn advanced 1.78 percent to $3.72 per bushel. Futures for wheat rose 1.48 per bushel to $4.7925 per bushel.

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