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Soybeans Recover on Export Data, Other Grains & OJ Down

November 7, 2014 at 3:06 by Vladimir Vyun

Futures for soybeans edged higher today. The rally followed the report from the US Department of Agriculture that demonstrated an increase of oilseed exports from the United States. The agency reported that soybean sales were up 28 percent to 1.61 million metric tons last week from a week ago. Analysts say that supply cannot keep up with growing demand, and this pushed prices higher. Earlier, futures were falling due to forecasts of favorable weather in the USA. January contract for soybeans ticked up 0.05 percent to $1,028.50 per bushel as of 2:19 GMT on CBoT today.

While soybeans recovered, some other grains, including corn and wheat, remained in a downtrend due to weather forecasts. Prices for orange juice also suffered from the outlook for good weather as well as from lack of demand. Domestic consumption in the USA was near the lowest level since 1986 according to the USDA. December futures for corn were down 0.34 percent to $3.7000 per bushel on CBoT today. Contract for wheat lost 0.53 percent to $5.1750 per bushel. January orange juice tumbled 1.10 percent to $1.3085 per pound on ICE.

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