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Soybean Futures Hit Multimonth Highs on Drier Forecasts
Soybean futures climbed to the highest point in over three months on Friday, as drier Midwestern weather exacerbated concerns about the crop.
Oilseed contracts at the Chicago Board of Trade inched above $10 for the first time since March 24, when bumper harvests in South America started pressuring U.S. prices. But soybean futures have rallied since the U.S. Department of Agriculture reported last week that farmers sowed fewer acres of the crop than expected.
Brazil's 2016-2017 Soybean Harvest Already 2/3 Sold -- Market Talk
14:11 ET - Brazilian soybean growers had already sold 67% of the 2016-2017 harvest as of Friday, according to agricultural consultancy Safras & Mercado. That lags behind the 82% already sold on the same date a year ago, and behind the 80% five-year average for the date, Safras says. The country produced a record crop of soybeans in the recently-finished harvest, which Safras has estimated at 113.4M metric tons, and 76.3M tons have been sold, according to the group's estimate. (firstname.lastname@example.org)
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US Has Heaviest Rains in Decades -- Market Talk
11:47 ET - Growers and event planners should reach for their umbrellas. Rainfall across the US so far this year is the highest since 1998, federal climate analysts report today. Precipitation in June measured 3.01 inches, ranking near the middle in the 123-year period of record-keeping. Above-average precipitation in the Deep South and parts of the Great Lakes offset below-average precipitation in the Southwest, Central Rockies and Great Plains. Overall, the rainfall so far for the contiguous US is 17.86 inches, 2.55 inches above average, they say. (email@example.com; @leHotz)
Oil Falls on Dollar, Oversupply
Oil prices slid so far in just three sessions that it canceled out more than half of a two-week rally, with a deep plunge Friday from a surging dollar and re-emerging fears of oversupply.
The second half of this week brought some of oil's worst daily losses in months. The market dropped 6% in just three sessions, undermining what some had hoped was a long-coming turnaround.
Hog Futures Bounce on Belly Prices
Hog futures inched higher on soaring pork belly prices on Friday, while cattle futures were mixed.
Fresh pork belly prices are at all-time highs, according to Dennis Smith, a broker at Archer Financial Services. A pound of bellies rose 4.5 cents to almost $2.06 on Friday, near double the cost of a wholesale pork carcass.
(END) Dow Jones Newswires
July 07, 2017 17:21 ET (21:21 GMT)