Soybeans Reach Six-Week High on Threats to South American Crops
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Soybeans rose to a six-week high in Chicago on speculation that hot, dry weather in Argentina and rains in Brazil will curb supplies of the oilseed.
This year’s crop in Argentina, the world’s third-biggest exporter, may be 52.9 million metric tons, a Bloomberg survey showed, less than the 54 million tons forecast by the U.S. Department of Agriculture, which will update its estimates on Feb. 8. Soybeans in southern Brazil, set to pass the U.S. as the leading shipper, remain under high stress, forecaster DTN said Feb. 1.