Soybeans Rise as South America Planting Delays May Drain Stocks
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Soybeans rose in Chicago on concern planting delays in Argentina and Brazil will push back the arrival of new-crop supplies from South America, keeping consumers dependent on shrinking U.S. stocks for longer.
Argentina is expected to get moderate to heavy storms in the next two days, delaying soybean and corn planting, Telvent DTN forecast yesterday. U.S. exporters sold 290,000 metric tons of soybeans to China for delivery in the 2012-13 marketing year, the U.S. Department of Agriculture reported yesterday.