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The demand for export boosts soybeans and corn in the US; the wheat goes down

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By Mark Weinraub

CHICAGO, US, March 23 (Reuters) – Chicago soybean futures rose for a third straight session on Wednesday, hitting their highest level in nearly a month, on expectations that demand for U.S. supplies would remain weak. strong due to a poor crop in South America, traders said.

* Troubles in Argentina and Brazil also lent support to the corn market, while wheat slipped as traders assessed long-term indications of a Russian invasion of Ukraine.

* Soybeans are also beneficial for contact commodity sales, as upcoming markets on the Rio Grande Midwest increase demand for the oilseed, seeking supplies to ship to exporters in the US Gulf.

* “So far the Brazilians have been able to supply soybeans to China, but we expect they are about to run out of supplies and then the demand for US soybeans is going to get interesting,” Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage, said in a statement. note customers.

* By 1631 GMT, May soybeans were up 24 cents at $17.2050 a bushel. Prices hit a session high of $17,365, the highest for the most active contract since Feb. 24.

* The rally in oil also drew attention to the rise in soybean prices.

* Corn for May was up 6.5 cents at $7.59 a bushel, after hitting the highest price since March 7.

* Wheat for the same month lost 13.5 cents to 11.0475 dollars a bushel.

* Traders were still waiting for signs that US exporters were gaining some of the wheat business that normally goes to Russia or Ukraine.

* “A long war between Russia and Ukraine awaits us,” a Singapore-based trader said. “The war will continue to affect supplies from the Black Sea region.”

(Reports added to Naveen Thukral. Edited in Spanish by Marion Giraldo)

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