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Soybeans Slip From 2-Month High as Rain Aids South America Crop

Soybean futures declined 6 percent this year as global output may climb to a record 283.5 million metric tons, spurred by bigger South American harvests, the USDA predicts.

“Weather conditions in Argentina and Brazil, as reported by the forecasters we follow, are ideal for the young crop,” Paul Georgy, the president of broker Allendale Inc., wrote in an online market comment.

Argentina’s soybean crop was 37 percent planted, the Rosario Grains Exchange reported Nov. 21. Soybeans in Brazil’s Mato Grosso state, the country’s biggest growing region, were 97 percent sown as of Nov. 22, according to researcher Instituto Mato-Grossense de Economia Agropecuaria.

Corn for delivery in March declined 1 percent to $4.27 a bushel and wheat for the same delivery month fell 0.6 percent to $6.5525 a bushel. Milling wheat for delivery in January traded on NYSE Liffe in Paris dropped 0.6 percent to 206 euros ($279) a ton.

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