Soybeans Advance to Two-Week High on South American Crop Concern
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Soybeans reached a two-week high in Chicago on concern that planting delays in South America may curb production. Wheat advanced on the worst U.S. winter-crop conditions in at least 27 years.
In Brazil, 74 percent of the soybean crop was planted, against 81 percent a year earlier, researcher Celeres said yesterday. Argentina has sown 37 percent of its soybeans, from 47 percent in 2011, the Buenos Aires Cereals Exchange said Nov. 22. Soybeans surged to a record in September after the worst U.S. drought in half a century parched fields. Brazil, the U.S. and Argentina are forecast to be the three largest growers this year by the U.S. Department of Agriculture.