Farmers Hoard Crops as Dry Brazil Weather Keeps Prices Elevated
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Farmers are holding back grain and soybean sales in a bet that prices will continue rising as dry weather in Brazil and Argentina stokes fears of tight global supplies.
Crop sales by farmers for the current marketing season were below a year ago in the U.S., Brazil and Argentina, which together account for more than three-quarters of global corn and soybean exports, according to Archer-Daniels-Midland Co., one of the world’s biggest agricultural traders. The season runs from September to August.