Soybeans Rise as Dry Weather Threatening Brazil Crop; Corn Gains
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Soybeans rose from a one-month low on speculation that dry, warm weather in parts of Brazil will reduce yield potential, increasing demand for U.S. supplies. Corn also climbed.
Temperatures will be as much as 5 degrees Fahrenheit above normal in the next week, increasing stress on crops in central and southeast Brazil, Mike Tannura, the president of T-Storm Weather LLC in Chicago, said in a telephone interview. About 45 percent of the crop has received half of the normal rainfall this month. Brazil was expected to top the U.S. as the world’s biggest producer for the first time in the year ending Sept. 30.