Wednesday, July 21, 2010

Soybeans Futures Rise on Worsening Condition

Soybeans in the United States in good or excellent condition dropped from 72 percent at the end of June 13 to 67 percent at the end of July 18, pushing prices up 5.5 cents today, to $9.785 a bushel, a 0.6 percent gain.

Prices for oilseed have continued to rise since government data revealed soybean reserves in the U.S. dropped to their lowest levels in six years as of June 1.

In July, soybeans are up 8.4 percent, which if it continues on, will be the first positive territory they've enjoyed since April.

It's interesting to hear conflicting viewpoints as to the condition of soybeans and corn, as it has dry weather which has driven up prices recently, although some say it was too much rain earlier in the season which is the cause of the lower condition issue.

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