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Weather Weakens Soybeans, Bolsters Wheat Prices

January 19, 2013 at 6:11 by Vladimir Vyun

Soybeans fell as rainy weather in Brazil is expected to bolster yield. Forecasters predict that drier weather will follow rains, but it is unlikely to hurt crops. Drought in Argentina, on the other hand, is expected to be more severe.

At the same time, wheat advanced on concerns about drought in the United States. Forecasters promise that dry weather will persist over the next three months. Meanwhile, exports more than doubled to 536,200 metric tons, according to the data of the US Department of Agriculture. The falling supply coupled with rising demand drove prices higher.

March futures for delivery of soybeans fell $0.01 (0.07 percent) to $14.2925 per bushel on CBoT yesterday. Meanwhile, contract for delivery of wheat in March advanced $0.03 (0.41 percent) to $7.2750 per bushel.

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