Soybeans jump on Argentine weather worries

01/05/2011 @ 2:19pm

U.S. soy product futures posted a strong rebound after a two-day slump. Markets climbed with soybeans in recovery from recent setback, analysts say. Concerns about dryness and heat hurting Argentina's soy crop added support, as Argentina is the world's top exporter of soy products.

"Argentina's current low soil moisture has stalled their plantings," according to North America Risk Management Services, a Chicago-based brokerage firm. The crop will be harvested in the spring. CBOT March soymeal ends up $5.20 at $373 per short ton. CBOT March soyoil jumps 0.91 cent to 57.76 cents per pound.

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(END) Dow Jones Newswires
January 05, 2011 15:03 ET (20:03 GMT)
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