Soybeans jump to one-week high on Argentina weather


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Chicago soybean futures surged further on Wednesday, reaching a one-month peak amid concerns due to excessive rainfall in Argentina, prompting traders to cover short positions. The primary soybean contract on the Chicago Board of Trade (CBOT) climbed by 0.5% to $12.15-1/2 per bushel. This surge follows a 2% increase on Wednesday. Experts from a local grains exchange and meteorologists warned that the recent deluge in key grain areas of Argentina poses a significant threat to the current soybean crops, potentially leading to production setbacks.