Soybeans Extend Best Week in Three Months on South American Crop
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Soybeans rose in Chicago, extending the biggest weekly gain in three months, on concern dryness in Brazil and rain in Argentina will threaten supply as demand strengthens in leading global consumer China.
In Brazil, the world’s biggest exporter, 77 percent of crops were planted, down from 86 percent a year earlier, researcher AgRural Commodities Agricolas said yesterday. About 37 percent of Argentine soybeans were sown, against 47 percent a year ago, the Buenos Aires Cereals Exchange said Nov. 22. China bought 16.8 million metric tons of U.S. soybeans since Sept. 1, up 14 percent from a year ago and 62 percent of total U.S. shipments, Department of Agriculture data show.