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Soybeans Rally, Remain in Danger

August 9, 2013 at 11:02 by Vladimir Vyun

Soybeans rallied today on concerns that cold weather in the United States may damage crops. Demand for the commodity remains high as US soybean exports totaled 1.1 million metric tons last week, staying above 1 million for the second week.

This year was not particularly good for grains as the Standard & Poor’s GSCI Index of agricultural commodities slid 19 percent over the year. Soybeans have lost 16 percent. The oilseed may yet resume decline as the US Department of Agriculture said that farmers may gather a record harvest.

Most grains were rising on today’s trading session. At the same time, other softs demonstrated losses.

November futures for delivery of soybeans rose $0.085 (0.72 percent) to $11.9275 per bushel as of 11:00 GMT on CBoT today.

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

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