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Soybeans hit 12-day high on dry Argentine weather

a-soyabean-SYDNEY: US soybeans hit a 12-day high on Wednesday as the oilseed drew more support from concerns that dry weather in Argentina would cut the upcoming harvest.


Wheat edged higher after sliding more than 1 percent in the previous session, while corn also rebounded from losses.


Chicago Board of Trade March soybeans rose 0.46 percent to $14.77 a bushel by 0253 GMT, the highest level since February 8.


The rise followed a 3.2-percent gain in the previous session, the largest in a month.

"There was an expectation that there would be a good rain event last weekend and that didn't happen," said Victor Thianpiriya, agriculture Strategist at ANZ Singapore, adding that some dry areas in Argentina received only about a tenth of the rainfall expected.


"It looks like supplies are going be tight," he said.


March corn rose 0.3 percent to $6.97-1/4 a bushel, after sliding 0.5 percent on Tuesday.


March wheat rose 0.34 percent to $7.34-3/4 a bushel, having dropped 1.35 percent in the previous session.



Copyright Reuters, 2013


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