Soybeans, corn up, watching South America

Soybeans were higher on speculative and fund buying. Shrugging off a bearish turn in the outside markets, the trade was watching dry conditions in some key growing areas of South America. Southern Brazil should stay dry over the near term and rainfall chances for Argentina are called uncertain. Soybean meal and oil were higher, following beans, with gains in oil limited by the lower trade in crude. According to Dow Jones Newswires, Informa Economics projects 2012 U.S. soybean planting at 74.608

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