CboT soy may soon climb to $13 per bushel

Soybean prices in Chicago Board of Trade (CboT) are likely to touch $13 per bushel mark soon due to weather concern in South America.

On Thursday, the benchmark March contract closed the session at $12.64 a bushel after hitting multi-year high of $12.75 a bushel.

Though there are expectations that there may be rains this week in some parts of Brazil and Argentine, the yield is likely to be lower than earlier estimates and overall output may fall short of projections.

Brazil has emerged as the largest soybean producer followed by the US and Argentine.

Insufficient rains have hampered the sowing operations in Argentine and there are fears that some of the projected area may remain un-sown this year.

Meantime, Crude Palm Oil price in Malaysia-the second largest producer- hit 9-year high last week on fears of sharp fall in December end-stocks in view of shrinkage in output and surging exports during December.