Strong exports and the possibility of frost in the U.S. have benefited soybeans as of late. But the crop's late-developing plants might be subject to an early frost, according to crop analyst Corn & Soybean Advisor Inc. The crop was planted later than usual due to wetter weather in May. In July, soybeans were subject to below-average temperatures, which also is likely to delay growth.
"There are some concerns about soybeans having some frost issues going forward," grains and oilseed analyst Graydon Chong with Rabobank International in Sydney told the publication on Friday. "The market is squeezed a little bit higher as a result of the short-term production concerns and strong demand."
At 9:48 a.m. on Friday, soybean futures rose 0.42 percent, a 0.05-cent increase to $11.8925 per bushel.
Reuters reports Brazil is poised to produce as many as 85.57 million tons of soybeans for the 2013-2014 harvest, which would exceed record figures from the harvest last year.
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