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Soybeans Drop From 3-Week High on Rising South American Supplies

Jan. 17 (Bloomberg) -- Soybeans fell from a three-week high in Chicago on forecasts for increased South American harvests of the oilseed. Corn slid after eight sessions of gains.

Brazil’s soybean output may be higher than estimated last month after recent rainfall, Oil World said Jan. 15. The U.S. Department of Agriculture raised its outlook for Brazil’s crop on Jan. 11 by 1.9 percent to 82.5 million metric tons. While drier weather in Argentina in the two weeks to Jan. 10 aided planting, the total area sown in summer crops may still be about 1 million hectares (2.47 million acres) below farmers’ original intentions because of flooding in some areas, Oil World said.

“It depends on weather over the next few weeks,” Victor Thianpiriya, an agricultural analyst at Australia & New Zealand Banking Group Ltd., said by phone from Singapore, referring to the outlook for harvests in South America.

Soybeans for delivery in March lost 0.4 percent to $14.3125 a bushel at 7 a.m. on the Chicago Board of Trade. The most-active contract earlier rose to $14.415, the highest since Dec. 26. Corn for the same delivery month declined 0.3 percent to $7.2925 a bushel after the longest rally since December 2011.

Wheat for delivery in March dropped 0.3 percent to $7.8275 a bushel. In Paris, milling wheat for the same delivery month rose 0.4 percent to 251.50 euros ($336.18) a ton on NYSE Liffe.

India, the world’s largest wheat producer after China, will allow an additional 5 million tons of the grain to be exported from state reserves, Food Minister K.V. Thomas told reporters today in New Delhi. The country had already approved exports of 4.5 million tons.

To contact the reporters on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net; Whitney McFerron in London at wmcferron1@bloomberg.net.

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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