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Supplies Drive Soybeans & Wheat Lower, Cotton Higher

December 11, 2010 at 1:30 by Vladimir Vyun

Soybeans fell today on speculation that rains will boost crops in Argentina and Brazil. Analysts say that there’s no reason to hold long positions without apparent threat to the harvest. January delivery for soybeans slipped $0.085 (0.7 percent) to $12.73 per bushel by 13:15 on CBoT.

Wheat futures slid after a report showed that world and US inventories increased. Global stockpiles will total 176.72 million metric tons by May 31st, that’s 2.4 percent higher than forecast in the previous month. March futures for wheat delivery dropped $0.13 (1.6 percent) to $7.755 per bushel at 13:15 on CBoT.

Cotton futures climbed to the highest level in a month after US government cut its forecast for inventories to the lowest level in 14 years. US stockpiles in the year ending July 31st will total 1.9 million bales, 14 percent down from the November forecast and the lowest since at least May 1996. March futures for cotton delivery gained $0.0102 (0.8 percent) to $1.3697 per pound as of 14:40 on ICE.

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