Soybeans Rise on South America Weather; Corn Gains; Wheat Drops
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Soybeans surged to the highest in more than a month as dry weather threatens crops in South America and demand for U.S. inventories increases. Corn also rose, while wheat fell.
Dry weather in soybean- and corn-growing areas of Brazil, including Rio Grande do Sul and Parana, “bears watching,” forecaster Telvent DTN said in a report today. U.S. exporters sold 120,000 metric tons of soybeans to China, the Department of Agriculture said in a report today. Since Sept. 1, China has purchased 1.09 million tons from the U.S., the world’s biggest shipper, for the current season and 300,000 tons for next year, USDA data show.