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Soybeans Keep Gains After Massive Rally, Palladium Backs Off

May 22, 2014 at 2:08 by Vladimir Vyun

Soybeans attempted to fall today after yesterday’s massive rally but rose above the opening level as of now. The rally was caused by signs that demand from China should increase. Prices for eggs and pork rose in the Asian country, and this should help the agricultural commodity, which is used as livestock feed. July futures for delivery of soybeans advanced 0.13 percent to $15.0725 per bushel as of 1:57 GMT on CBoT today after climbing 2.4 percent yesterday, the biggest gain since September.

Palladium was also trying to retreat following huge gains and is currently trading below today’s opening. The major supporting factor for the metal is the same as for platinum — strikes in South Africa, the second largest producer. Strikes, which have started at the beginning of the year, were hurting output greatly, leading to speculations that this year’s global deficit of platinum and palladium will be biggest in more than three decades. Spot price for palladium was down 0.87 percent to $827.98 per troy ounce, while prices reached $834.50 on NYMEX yesterday — the highest level since 2011.

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