May 2 (Reuters) - Societe Generale on Wednesday lifted its 2012 soybean price forecasts saying the continued declines in South American production have rapidly depleted both the U.S. and global soybean inventories.
The French bank raised its average 2012 soybean price forecast to $14 per bushel from $12.50 a bushel.
"We continue to expect soybean prices to peak in Q2-12, assuming normal weather during the US growing season this summer," SocGen said in a research note to clients.
Given the precariously tight soybean inventories, the bank said it expects the recent price action to continue until more clarity is gained on the state of the U.S. crop.
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