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Soybeans fall to 3-month low amid optimism over Brazil crop

Published 01/26/2015, 06:34 AM
Updated 01/26/2015, 06:34 AM
Soybean futures hit 3-month low amid optimism over Brazil crop

Investing.com - U.S. soybean futures fell for the third consecutive session on Monday, as optimism over crop prospects in Brazil underlined the view that global supplies are more than ample to meet demand.

On the Chicago Mercantile Exchange, US soybeans for March delivery hit a daily low of $9.6700 a bushel, a level not seen since October 23, before trading at $9.6900 during U.S. morning hours, down 3.2 cents, or 0.33%.

On Friday, US soybeans for March delivery inched down 4.0 cents, or 0.41%, on Friday to end at $9.7260 a bushel. The oilseed declined 10.53 cents, or 1.84%, last week, the second consecutive weekly loss.

Soybean prices have been under pressure in recent weeks amid concerns over weakening demand from China and as optimism over crop prospects in Brazil and Argentina underlined worries over ample global supplies.

Meanwhile, US corn for March delivery shed 1.38 cents, or 0.36%, to trade at $3.8463 a bushel.

On Friday, US corn for March delivery tacked on 3.0 cents, or 0.78%, to settle at $3.8660 after data showed stronger-than-expected weekly exports.

Elsewhere on the Chicago Board of Trade, US wheat for March delivery advanced 0.42 cents, or 0.08%, to trade at $5.3063 a bushel.

US wheat for March delivery slumped 3.6 cents, or 0.7%, on Friday to close at $5.3000 a bushel.

The March wheat contract lost 2.6 cents, or 0.48%, last week, the fifth straight weekly decline, amid ample global supplies and indications of reduced demand for U.S. wheat.

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

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