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Soybeans Rise on Bad Weather, Cotton Falls on High Output

June 19, 2010 at 1:15 by Vladimir Vyun

Soybeans rose on today on the speculation that unusually wet weather will halt planting in the U.S. Precipitation in some parts of the U.S. was six time of the normal amount. November futures for soybean delivery gained $0.055 (0.6 percent) to $9.305 per bushel on CBoT.

Cotton dropped today on forecast that production in the U.S. will surge. In the current season U.S. production predicted to reach as much as 16.7 million bales in the year beginning August 1st, compared to the previous estimates of 12.2 million. In the next season output expected to grow even more, especially in Texas. Hedge-fund managers and other large speculators reduced their net-long positions to the lowest level in nine months by June 8th. December delivery for cotton slid $0.0047 (0.6 percent) to $0.7895 per pound on ICE Futures U.S.

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