NEW YORK (Commodity Online): On the back of dry weather due to La Nina conditions, global soybean output for 2011-12 is likely to decline further from the earlier predictions, according to Rabobank report.
World soybean production is expected to be 261.8 million tons, below earlier prediction for 2012-13 marketing year.
According to Rabobank, Argentina’s soybean crop has been more negatively affected by the drought while lack of rainfall in the south of Brazil affected the crop prospects.
Similar is the case with corn, the farmers is likely to harvest 884 million tons compared to earlier prediction of 884.5 million tons.
On Inter-Continental Exchange (ICE) for March delivery, Soybean traded at 1185cents a bushel and Corn for 631cents a bushel on 31st January.
