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Soybean futures climbed significantly, with the November contract up 11.5 cents, fueled by a surge in new buying and concerns over tightening supplies ahead of key USDA reports.
Cocoa prices have fallen sharply as forecasts for a bumper crop in West Africa ease supply concerns, but weakening global chocolate demand adds further pressure.
Soybean and corn prices fell on Tuesday as traders took profits following recent market gains. Soybeans faced added pressure from biofuel policy uncertainty.
The global cocoa market is at a crossroads, with record-low inventories and supply fears clashing with falling consumer demand for chocolate due to high prices.
