Soybeans closed up due to Argentina weather, Corn and wheat also up

Soybean futures

Soybeans ended the session in Thursday thanks to another slew of Argentina weather-related gains. The prices of wheat and corn also moved up thanks to export news and the persisting dry weather in the Plains.

Soybeans kept up its gains on account of the weather in Argentina. March futures were up by 7 cents to $10.2425 and may futures gained 7.25 percent and were at $10.35.

The Buenos Aires Grains Exchange reports that more than half of its soybeans and corn are in poor to very poor condition but that did not affect the group’s production estimates in the latest weekly report.

In other grains, March futures for corn went up to $3.6775 while May futures reached $3.7750.

Wheat prices, kept up its rise thanks to dry weather forecasts in key production areas such as Texas Panhandle, Kansas, Nebraska and Oklahoma. Chicago SRW for March were at $4.6175 while Kansas were at $4.78. Spring wheat futures went up, with MGEX contracts for March going up to $6.00 and closing at $6.05.

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