date:Aug 14, 2012
Analysts said that traders who bet on prices rising after a historic drought cut U.S. soybean production took profits on prior gains as cooler, wetter Midwest weather is expected to benefit soybean crops.
There is a general assumption in the marketplace that the improved forecast is stabilizing soy-crop conditions and maybe adding bushels to U.S. production, said Tregg Cronin, market analyst with brokerage Country Hedging in St. Paul, Minn.
The U.S. soybean crop is in its critical development s