Soybeans Fall, Is Rebound Possible?
Soybean prices fell today, but may yet rebound in the near future on concern about constrained supply. Prices surged to a record this year as drought hurt crops in the United States and Russia. INTL FCStone Inc. estimated that US inventories of the grain will be smallest since 1973 by March.
Soybean futures have advanced 42 percent so far this year. The Standard & Poor’s GSCI Agricultural Index has climbed 17 percent as corn and wheat followed soybeans in the rally. Goldman Sachs Group Inc. predicted that soybean prices will rise 17 percent to the
Soybean futures fell as much as $0.1725 (1 percent) to $17.0150 per bushel on CBoT as of 20:46 GMT today.
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