Chicago soybean continues to slide as rain revives crops in parts of South America

07:57, November 30, 2010      

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Chicago soybean futures prices extended losses on Monday as beneficial rains in parts of Brazil and Argentina during weekend may significantly boost soil moisture. Corn and wheat both eked out small gains, despite a stronger U.S. dollar.

The most active corn contract for March delivery added 0.25 cents, or 0.05 percent, to 5.5325 dollars per bushel. March wheat rose 3.25 cents, or 0.5 percent, to 6.905 dollars per bushel. January soybean dipped 3.5 cents, or 0.3 percent, to 12.35 dollars per bushel.

Euro slumped to a fresh 2-month low against the greenback earlier Monday. The strong rally in dollar made dollar-denominated grain commodities more expensive for investors and traders holding other currencies, decreasing its competitive edge in overseas market.

Soybean dropped for the second session in a row as timely rain fell in parts of Brazil and Argentina's drought-stricken soybean growing area, which may help boost local soil moisture and improve crop development.

Trader credited the strength in wheat to the excessive rainfalls in eastern Australia, which may delay harvest as well as dry weather in the western U.S. Great Plains, which posed a threat to the winter wheat crops. The wheat prices reached 7.015 dollars per bushel earlier in the session, the highest for a most-active contract since Nov. 16.

The U.S. Department of Agriculture announced Monday that last week's export inspections in corn reached 23.8 million bushels, down from 30.8 million the previous week. Last week's export inspections for wheat totaled 20.8 million bushels, which is higher than 19.9 million the week before. And the export inspections for soybeans only came in at 48.9 million bushels, which is much lower than 57.648 million the previous week.

Source: Xinhua


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