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Soybeans Rise on Increasing Demand, Oil Falls on US Payrolls

May 4, 2012 at 22:33 by Vladimir Vyun

Soybean futures gained today as adverse weather hurt crops in Argentina and Brazil, boosting demand for US exports. The US Department of Agriculture reported that the United States were selling about 100,000 of metric tons daily, rising 10 times since the beginning of April. China was the biggest buyer. Soybeans closed at $14.7450 per bushel today on CBoT, following the drop from $14.6825 to $14.5800.

Crude oil slumped today as growth of US nonfarm payrolls was much smaller than was predicted by analysts. The payrolls rose just by 115,000 in April, while an increase of 173,000 was expected. That confirmed the earlier data that showed slowdown of US employment growth. The report fueled concerns that the global economic recovery is faltering. June futures for delivery of crude oil dropped as much as $2.11 to $100.43 per barrel (the lowest since February 14) before trading at $100.66 as of 13:46 on NYMEX today. Brent oil fell from $116.09 to $113.20 per barrel on ICE after touching $111.76 — the lowest price since February 2.

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