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Soybeans Rally on Supply Concerns, Platinum Drops Despite Strike

January 24, 2014 at 22:53 by Vladimir Vyun

Soybeans advanced today on concerns about supply from Argentina. The country experiences a financial crisis, leading to devaluation of its currency. As a result, farmers prefer to hoard the oilseed as a hedge against inflation instead of selling it overseas. March futures for delivery of soybeans advanced $0.0775 (0.61 percent) to $12.8475 per bushel on CBoT today.

Talks between trading unions and representatives of Anglo American Platinum Ltd., Impala Platinum Holdings Ltd. and Lonmin Plc to prevent labor unrest halted till next week. This means that it is unlikely that an agreement can be reached quickly and miners will continue to strike, making production in South Africa stall. The country accounts for 70 percent of global platinum output. Spot price for platinum ended the trading session down $28.13 (1.93 percent) to $1,428.75 per troy ounce.

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

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