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Soybeans Drop on Demand & Supply Outlook

November 16, 2012 at 23:49 by Vladimir Vyun

Soybeans fell on signs of weaker demand from China and prospects for growing supply from South America. China canceled 10 cargoes with total 600,000 metric tons of grain. The Asian country is the biggest soybean consumer in the world.

Rains followed dry weather, creating favorable conditions in Argentina and Brazil. Good weather led to predictions of a record harvest in the South American countries. Such forecasts put downside pressure on the agricultural commodity.

January futures of delivery of soybeans fell 1.3 percent to close at $13.8325 per bushel on CBoT today, following the drop to $13.7225 — the lowest settlement since June 22. Prices have slipped 4.7 percent this week.

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

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