Soybean prices skyrocket on dry Argentina weather

Soybean prices rose sharply after Argentina didn't get rains that had been forecast over the weekend, according to reports. March soybeans rose 45.75 cents to $14.7025 per bushel as markets reopened after the U.S. Presidents Day holiday on February 18.

Soybean prices rose sharply after Argentina didn't get rains that had been forecast over the weekend, according to reports. 

March soybeans rose 45.75 cents to $14.7025 per bushel as markets reopened after the U.S. Presidents Day holiday on February 18. The gain of 3.2 percent was the biggest in more than a month. Soybeans are rebounding after slumping since the beginning of February on forecasts for a strong harvest in South America. The crop there is nearing harvest.

The prices are expected to continue their upward movement, as early calls for commodities on February 20 are showing soybeans 17 to 19 cents higher.

In other feed grains trading, wheat and corn both fell on forecasts that winter storms would bring snow to the Plains region, giving soil there needed moisture and improving the outlook for this year's feed crops.

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