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Weekly Gain of Soybeans, Wheat Rises as Bets on Fall are Cut

April 16, 2010 at 22:03 by Vladimir Vyun

Soybean prices changed little today and are heading for the biggest weekly increase in two months on the prospect that China will expand its purchases of soybean oil from the U.S. China is shifting to imports of soybean oil from the U.S. and Canada after the country has cut imports from Argentina. The additional demand may put strain on the U.S. supplies. July delivery for soybean futures dropped $0.0075 to $9.9225 per bushel by 11:59 the Chicago Board of Trade.

Wheat reached the highest level in six weeks as speculators decreased bets on falling prices after the largest weekly rally of the futures in two months. Speculative short positions outnumbered long positions by 74,286 contracts by April 6th. Funds were buying to cover short positions every time there was increase on the market. July futures for wheat delivery gained $0.0975 (2 percent) to $5.025 per bushel on CBoT.

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