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Soybean futures gain amid concerns about weather in Argentina
Jan 29, 2013 06:36 AM
Inclement weather impacting crops in a major South American venue for the legume and its byproducts pushed up soybean futures on Tuesday, according to Bloomberg.
The first third of next month is forecast to see Argentina endure dry, warm weather, which cuts down the nation's crop prospects. In turn, that will enhance U.S. export demand. The South American country is the globe's largest exporter of soy-based animal feed and vegetable oil.
"The forecasts are less promising for any relief from dryness, and that is helping to lift prices," senior economist Bill Nelson with Doane Advisory Services in St. Louis told the news source on Tuesday. "Plants are beginning to suffer, and dry weather into the first half of February could cause yield losses."
At 12:12 p.m. on Tuesday, soybean futures gained 0.17 percent, a 0.0275-cent loss to $14.4975 per bushel.
The TriState Neighbor reports a commodity marketing specialist with San Diego State University said the U.S. export market for soybeans during the past several months has been markedly stronger than projections issued by the U.S. Department of Agriculture.
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