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Strike in Argentina Boosts Corn & Spurs Soybeans to Record

February 2, 2011 at 3:34 by Vladimir Vyun

Soybeans touched the highest level in 30 month and corn gained as the strike of port workers in Argentina disrupted supplies, increasing demand for exports from the US. The Chamber of Commerce announced that 30 ships at main terminals have been blocked. The US Department of Agriculture reported that US exports of corn totaled 120,000 metric tons and sales of soybeans reached 110,000 tons.

Prices also rose on the signs of increasing demand from China. The USDA reported that US exporters sold 20,000 tons of soybean oil to China in the year ending September 30.

March futures for corn delivery rose $0.065 (1 percent) to $6.66 per bushel. Prices touched the highest level in 30 months of $6.67 on January 21. March futures for soybean delivery gained $0.25 (1.8 percent) to $14.38 per bushel by 13:15 on CBoT, the biggest increase since January 12. The contract earlier reached $14.405, the highest price since July 21, 2008.

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