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Soybean futures up for third day on South America crop concerns

Published 01/07/2015, 07:19 AM
Soybeans remain supported by South America crop concerns
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Investing.com - U.S. soybean futures rose for the third consecutive session on Wednesday, amid concerns about damage to crops from dry weather in key South American growers.

On the Chicago Mercantile Exchange, US soybeans for March delivery rose to a daily peak of $10.5988 a bushel, the most since December 29, before trading at $10.5963 during U.S. morning hours, up 4.22 cents, or 0.4%.

A day earlier, US soybeans for March delivery surged 10.4 cents, or 1.0%, to close at $10.5560 a bushel.

Agricultural meteorologists said Tuesday that a period of dry weather was forecast to descend across key grain-growing regions in Argentina until mid-January, potentially threatening yields and reducing the quality of the harvest.

Argentina is a major soybean exporter and competes with the U.S. for business on the global market. Lower crop prospects in the South American country could increase demand for U.S. supplies.

Meanwhile, US corn for March delivery traded at $4.0663 a bushel, up 1.02 cents, or 0.25%.

On Tuesday, US corn for March delivery dipped 1.0 cent, or 0.25%, to end at $4.0500 a bushel.

Elsewhere on the Chicago Board of Trade, US wheat for March delivery shed 0.28 cents, or 0.05%, to trade at $5.9213 a bushel.

US wheat for March delivery hit $6.0340 a bushel on Tuesday, the highest level since December 31, before ending at $5.9160, up 2.6 cents, or 0.47%.

Market players continued to monitor crop conditions in the U.S., where frigid temperatures are expected to push into the U.S. Midwest and Great Plains, potentially threatening yields and reducing the quality of the harvest.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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