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Soybeans & Wheat Rise as US Politicians Talk

December 19, 2012 at 2:33 by Vladimir Vyun

Some agricultural commodities, including soybeans and wheat, advanced today on hopes that the US politicians will be able to reach an agreement for avoiding the fiscal cliff. Republican House Speaker John Boehner said that he will try to convince President Barack Obama to accept the “plan B”. The plan includes higher taxes on rich people (those who earn more than $1 million a year). So far, an agreement has not been reached.

Previously, soybeans were down as some export contracts had been canceled. China canceled 300,000 metric tons of soybeans for delivery due September 1. The total amount of canceled exports was 420,000 tons.

Wheat for delivery in March rose $0.035 (0.43 percent) to $8.1475 per bushel as of 2:25 GMT on CBoT today. March contract for soybeans advanced $0.0325 (0.22 percent) to $14.6375 in Chicago.

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