Researcher Celeres said that 74 percent of the crop for soybeans has been planted as of now as compared to 81 percent one year earlier. Argentina has planted 37 percent of its soybeans, a reduction from 47 percent last year, according to the Buenos Aires Cereals Exchange. The legume pushed to its record price this past September as a result of the U.S. enduring its worst drought in more than 50 years this past summer.
"The world is watching the South American corn and soybean crops at the moment," agribusiness economist Michael Creed with National Australia Bank told the news source. "We need a big South American crop to allay concerns about tightness across the grains and oilseeds complex."
At 10:32 a.m. on Tuesday, soybean futures gained 1.14 percent, a 0.1625 cent increase to $14.41 per bushel.
Reuters reports the legume pushed to its top price in almost two weeks on Monday, driven by concerns about dry weather in Southern Brazil.
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