Soybean futures achieved their top gains in one week on Tuesday amid inclement weather in regions of the U.S. Midwest, according to Bloomberg.
More than 70 percent of the Corn Belt has endured less rainfall than normal and additional parched circumstances are forecast this week, according to a report issued on Monday by QT Weather. Crops of the legume in Iowa, Western Illinois and Missouri are especially prone to the increased pressure imparted by lack of rain.
"Market news is dominated by weather conditions in the Corn Belt, with a continuation of the water deficit, especially damaging for soybean crops in the critical stage of pod formation," farm adviser Agritel in Paris stated, according to the news service.
At 10:02 a.m. on Tuesday, soybean futures surged 2.95 percent, a 0.4-cent gain to $13.975 per bushel.
Reuters reports the legume was surging toward its top value in 11 months, which it achieved just last week. Some forecasters have cut down estimates for production of the legume as a result of the strong heat and lack of rain. The legume lost 0.8 percent of its value on Friday of last week and markets were closed on Monday in the U.S. in observance of Labor Day.
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