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Soybeans & Wheat Decline on Weather, Rubber Follows

December 24, 2013 at 5:10 by Vladimir Vyun

Soybeans fell today on forecasts of favorable weather in South America. Wheat followed in decline. Argentina and Brazil were suffering from drought, but forecasters predict rains by the end of the week. This should help crops and boost yield and such outlook hurt the prices. Futures for delivery of soybeans in March fell $0.0075 (0.06 percent) to $13.1900 per bushel as of 4:48 GMT on CBoT today. Contract for wheat lost $0.0125 (0.21 percent) to $6.0825 per bushel.

Rubber also declined as inventories in China was rising, while export from Vietnam increased. Rubber stockpiles monitored by the Shanghai Futures Exchange expanded to 167,141 metric tons as of December 19, closing to the highest level in nine years. China is the biggest consumer of rubber in the world. Vietnamese exports jumped 20 percent to 140,000 tons this month from a year ago. Futures for delivery of rubber in May sank as much as ¥6.60 (2.23 percent) to ¥276.30 per kilogram on TOCOM today.

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