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Soybeans Remains below $10 on U.S. Harvest Outlook

Soybeans held declines after retreating from a one-month high amid expectations that drier weather forecast for some growing areas the U.S. will aid the harvesting of a record crop.

The contract for November delivery traded 0.2 lower at $9.5075 a bushel on the Chicago Board of Trade at 10:17 a.m. in Singapore. The oilseed climbed to $9.785 yesterday, the highest level for a most-active contract since Sept. 18, before reversing to end 1.3 percent lower at $9.525.

Showers will be very limited for the next two weeks, allowing the Midwest soybean and corn harvest to get back on track, Commodity Weather Group said in a report yesterday. About 40 percent of the U.S. soybean crop and 24 percent of the corn crop was harvested as of Oct. 12, trailing five-year averages, the U.S. Department of Agriculture said Oct. 14. The U.S. is the biggest grower of both crops, USDA data show.

Bloomberg [1]

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