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Soybeans Fall on Demand Outlook, Coffee Gains on Weather

April 23, 2014 at 19:27 by Vladimir Vyun

Soybeans fell today on concerns that demand from China may wane. Experts speculate that the Asian country has ample stockpiles. In fact, it is rumored that China may even sell some of its reserves. The country is the biggest importer of the oilseed in the world. July futures for delivery of soybeans lost $0.0425 (0.29 percent) to $14.6650 per bushel as of 19:15 GMT on CBoT today.

Coffee continued to advance, reaching the highest price in more than two years. Brazil experienced the worst drought in decades this year, and it is expected that the harvest will be 18 percent smaller than was previously projected. Specialists predict that global supply will trail demand by 11 million bags. July futures for delivery of Arabica coffee gained $0.0055 (0.26 percent) to $2.1395 per pound on ICE today after reaching $2.157 yesterday, the highest level since February 2012.

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