Soybeans Enter Bull Market After Floods Damage Argentina's Crop
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Soybean futures entered a bull market Thursday after floods damaged crops in parts of Argentina, the world’s third-biggest producer, and are en route for the best week since 2014.
Argentina, the top exporter of soybean meal and vegetable oil, got as much as six times the normal amount of rain this month, flooding flat fields that the Santa Fe province’s governor said will result in a crop “failure.” Adverse weather will reduce output by 5.4 percent to 57.6 million metric tons from a previous estimate, the national government said. Buyers may turn to the U.S., the largest grower, for supplies as the dollar’s slump against the peso makes shipments more attractive.