CHICAGO: Chicago Board of Trade soybean futures closed higher on Friday on increased concerns dryness in some South America's crop areas will reduce production there.
* Argentina is too dry and it will be heating up next week with highs in the 80s (degrees Fahrenheit) to 90s F. This will increase stress on crops. There is some rain in the forecast for later next week but it won't be enough and the situation in Argentina keeps getting worse. Much of Brazil is okay except the southwest where it is too dry. - Drew Lerner, World Weather Inc.
* MDA EarthSat Weather (Cropcaast) - Dryness has expanded significantly across South America over the past week and much of southern and western Brazil and east central Argentina are dealing with moisture shortages which are stressing corn and soybeans.
* The dry weather that will reduce soybean yields from last year's record in Brazil's southernmost state is hitting corn fields in the same areas even harder, crop specialists said.
* Malaysian crude palm oil futures rose by as much as 1.4 percent on Friday, rebounding from the previous day's six-week low and tracking gains in other markets, but traders expeced the euro zone worries to dampen sentiment.
* Informa Economics pegged 2012 US soybean acreage at 74.608 million, down from the November forecast for 76.1 million. Informa trimmed its soy acreage outlook on expectations for increased cotton area.
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