Soybeans Gain as South American Drought May Curb Production; Wheat Rises

Bloomberg News (Jan. 13, 2012) | Soybeans rose in Chicago, narrowing a second weekly drop, on speculation dryness in South America will further curb production. The U.S. Department of Agriculture yesterday cut estimates for soybean output in Brazil and Argentina because of a drought. Global stockpiles will total 53.43 million metric tons, down 1.7 percent from a December estimate, it said. Rain will be scarce and temperatures will be high in the Pampas region of Argentina in the next week, the Buenos Aires Cereals Exchange said yesterday.