U.S. Soybeans Climb Amid Worry Over Argentine Crop; Corn Lower
03 May 2016 - 03:03PM
Dow Jones News
By Jesse Newman
CHICAGO--U.S. soybean futures extended gains in early trading
Tuesday amid ongoing speculation over significant crop losses in
Argentina. Wheat also rose while corn declined.
Soybean prices advanced after notching a nearly nine-month high
in the previous session as analysts continued trimming their
estimates for Argentina's oilseed crop, which has been besieged by
excess rain and flooding. One analyst recently projected the
Argentine crop had lost nine million metric tons of soybeans, which
could significantly reduce world supplies, analysts said.
Worries over damage to the South American crop last month
prompted a prolonged bout of buying by commodity funds, although
drier weather has recently allowed farmers in Argentina to resume
harvest activity, quieting fund activity somewhat.
Soybean futures for May delivery climbed 5 1/4 cents, or 0.5%,
to $10.40 3/4 a bushel at the Chicago Board of Trade.
CBOT May corn shed 3/4 cent, or 0.2%, to $3.89 1/2 a bushel.
CBOT May wheat added 1 3/4 cents, or 0.4%, to $4.78 3/4 a
bushel.
Write to Jesse Newman at jesse.newman@wsj.com
(END) Dow Jones Newswires
May 03, 2016 09:48 ET (13:48 GMT)
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