Soybeans climb to seven-month top on Argentina dryness

Chicago soybean futures rose to a seven-month high with the market climbing for five out of six sessions, buoyed by poor rains over the weekend in Argentina’s drought-hit oilseed growing areas. The most-active soybean contract on the Chicago Board Of Trade added 0.9 percent to $10.30-3/4 a bushel. The drought afflicting Argentina since November has shrivelled soybean yields to the point that analysts and farmers have slashed harvest estimates by about 10 million tonnes, with final crop forecasts consolidating under the 50 million tonne mark.