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Soybeans Gain, Orange-Juice Declines on Supplies

October 14, 2010 at 20:26 by Vladimir Vyun

Soybeans reached the highest level in 16 months on speculation about growing demand for supplies from the US, the biggest grower and exporter in the world. Exporters sold 280,000 metric tons of soybeans to China, while consumption of soybean oil by US producers of animal feed and vegetable oils rose last month by 16 percent to 124.9 million bushels from the previous year. January futures for soybean delivery gained $0.145 (1.2 percent) to $12.015 per bushel as of 10:35 on CBoT.

Orange-juice futures tumbled to the lowest level in five weeks on waning concerns that storms will harm groves in Florida, the second-biggest citrus grower in the world. Florida’s orange crop in 2010 expected to be 9.3 percent larger than in the previous season. December delivery for orange juice slumped $0.0475 (3.2 percent) to $1.4365 per pound by 13:11 on ICE.

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