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Soybeans Drop as Weather Changes, Attempt to Recover

July 31, 2013 at 2:10 by Vladimir Vyun

Soybeans tumbled as weather became favorable, but managed to recover today. The area from Kansas to Illinois received as much as 2 inches (5.1 centimeters) of rain in the past 24 hours. Previously, the region received just 25 percent of normal precipitation. The change of weather reduced fears of drought, leading to the drop of prices.

The commodity was also falling as on expectations of a record harvest. The US Department of Agriculture predicted that world output will expand to 285.9 million metric tons in 2013–2014 from 268 million tons in the previous period. US production of the oilseed may increase 13 percent to the all-time record of 93.1 million tons.

November contract for delivery of soybeans rose $0.0175 (0.15 percent) to $12.0475 per bushel as of 2:08 GMT on CBoT today after falling as much as 1.4 percent yesterday.

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