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Soybeans Advance on Supply Concern Over Argentina Freeze

Soybeans rose to a three-year high in Chicago and rapeseed reached the highest in 15 months in Paris on mounting concern that a freeze in South America and rain in Europe will curb oilseed supplies.

Areas of Argentina saw “a light to hard freeze” yesterday, leaving soybeans at risk of damage, Telvent DTN said in a report. Oil World, a research company based in Hamburg, cut its forecast for the country’s crop yesterday, saying production may drop as much as 15 percent from a year earlier. In the European Union, the world’s biggest rapeseed producer, cool, rainy conditions have slowed crop development, Telvent DTN said.