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Argentina Weather Pushes Soybean Prices Down
USAgNet - 04/29/2016

U.S. soybeans were lower on Thursday as drier weather in Argentina after the recent deluge inspired a bout of profit taking, while corn and wheat edged higher on a softer dollar. The Chicago Board of Trade's most-active soybean contract was off 0.4 percent at $10.24-1/4 a bushel by 1105 GMT, reports Reuters.

"The soybean market has been rallying on South American weather concerns. Brazil has now seen some showers and rain in Argentina has abated," Commonwealth Bank of Australia analyst Tobin Gorey said.

A third of Argentina's soy farms remain swamped after early April storms. Analysts estimated crop losses at 5 million tonnes as harvesting starts in areas dry enough to support the 30-tonne carbines used to bring in the beans.

Flooding on the Pampas grain belt could end up benefiting U.S. farmers. The weather is improving, but big importers like China are already looking to the Midwest to make up for a likely drop in supply from the South American soybean powerhouse.

The U.S. Department of Agriculture said on Wednesday that U.S. exporters sold 393,000 tonnes of soybeans to unknown destinations.

Reuters reports that the market noted that forecast rains in Brazil this week would provide welcome relief to a parched corn crop there, but losses from recent dry weather are still widely anticipated.

Chicago corn prices edged up, with the most active contract up 0.3 percent at $3.85-3/4 a bushel.


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