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© 2012 Infinity Trading Corp
August 15th, 2012
Soybean futures and corn rose for the first time this week on speculation that the U.S. government may have underestimated crop damage from the hottest July since 1936. Wheat gained.
Rain during the next week will be light, and the drought stress will expand to about 45 percent of the Midwest from 35 percent today, the Commodity Weather Group LLC said in a report. The U.S. Department of Agriculture on Aug. 10 said domestic corn output will drop 13 percent to a six-year low of 10.78 billion bushels this year while the soybean harvest slips to 2.692 billion bushels, the lowest since 2007.
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August 14th, 2012
Soybean futures gained on speculation that a 1 percentage point improvement in U.S. crop conditions won’t ease supply concerns as drought persists in the Midwest.
Soybeans for November delivery advanced as much as 0.5 percent to $16.09 a bushel on the Chicago Board of Trade, and were at $16.0425 at 2:15 p.m. Singapore time. Corn for December delivery rose as much as 0.7 percent to $7.975 a bushel and last traded at $7.9575.
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