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Weather Worries Boost Soybeans; Palladium Sags As Supplies Grow.(B)(FUTURES)
By Reuters
Soybean prices led grain markets higher on Thursday with some concern about drier weather for the big maturing crop in Brazil sparking some speculative demand.
In other featured commodity trade, palladium prices dropped to three-month lowsas supply worries continued to ease. Oil prices closed mostly higher as traders eyed signals from world oil producers that could shed light on production plans.
F U T U R E S
At the Chicago Board
of Trade, soybeans for March delivery closed 3 1/2 cents higher at $4.57 a bushel while March corn rose 2 cents to $2.16 1/2. March wheat was up 1 3/4 cents at $2.66 3/4 a bushel.
Booming soybean plantings in Brazil and Argentina are expected to produce another record crop this year of nearly 60 million metric tons. The U.S. still leads world output with about 75 million tons a year but cheaper South Americanbeans continue to gain market share and pressure prices.
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