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Soybeans Rally on Weather Forecasts, Gold Remains Subdued

October 3, 2013 at 3:20 by Vladimir Vyun

Soybeans rallied today as forecasters predicted rains in the United States in the next few days. Forecasts caused speculations that rainfall may slow harvest. On top of that, excessive precipitation may reduce quality of the oilseed. November futures for delivery of soybeans rose $0.0475 (0.37 percent) to $12.7850 as of 3:12 GMT on CBoT today.

Gold fell today, but hang above the $1,300 level as traders were assessing the impact of the US government shutdown on the economy. Specialists say that the damage will be minimal if the shutdown remains short. Otherwise, it can be disastrous for the USA. Therefore, markets were subdued as the future remained uncertain. December contract for delivery of gold slid $6.6 (0.5 percent) to $1,314.1 per troy ounce on COMEX today.

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