Soybeans Drop From 3-Week High on Rising South American Supplies
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Soybeans fell from a three-week high in Chicago on forecasts for increased South American harvests of the oilseed. Corn slid after eight sessions of gains.
Brazil’s soybean output may be higher than estimated last month after recent rainfall, Oil World said Jan. 15. The U.S. Department of Agriculture raised its outlook for Brazil’s crop on Jan. 11 by 1.9 percent to 82.5 million metric tons. While drier weather in Argentina in the two weeks to Jan. 10 aided planting, the total area sown in summer crops may still be about 1 million hectares (2.47 million acres) below farmers’ original intentions because of flooding in some areas, Oil World said.