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Soybean futures rise as pace of U.S. harvest slows

Published 10/21/2014, 06:20 AM

Investing.com - U.S. soybean prices rose for the first time in three session's on Tuesday, as a slowdown in the U.S. harvest last week supported prices.

On the Chicago Mercantile Exchange, US soybeans for November delivery tacked on 4.47 cents, or 0.47%, to trade at $9.4888 a bushel during U.S. morning hours.

A day earlier, soybeans lost 7.4 cents, or 0.79%, to end at $9.4420 a bushel.

The U.S. Department of Agriculture said on Monday that approximately 53% of the U.S. soy harvest was completed as of October 19, compared to 40% a week earlier and below the five-year average of 66% for this time of year.

Meanwhile, US corn for December delivery traded at $3.4838 a bushel, up 0.17 cents, or 0.05%.

Corn futures inched up 0.2 cents, or 0.07%, on Monday to settle at $3.4820 a bushel.

According to the USDA, nearly 31% of the U.S. corn harvest was completed as of last week, up from 24% in the preceding week and below the five-year average of 53% for this time of year.

Elsewhere on the CBOT, US wheat for December delivery advanced 2.38 cents, or 0.46%, to trade at $5.1638 a bushel.

Prices of the grain shed 2.4 cents, or 0.48%, on Monday to close at $5.1340 a bushel.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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