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Soybeans rise to highest level in five months

February 25, 2014

NEW YORK (AP) — Soybean prices rose to the highest in five months Tuesday as demand for the crop increased.

The U.S. Department of Agriculture announced a sale of 568,000 metric tons of soybeans Tuesday. Soybean prices have rallied this year amid signs of strong demand from China.

“Soybean supplies are tight and we are seeing the major players bidding up prices,” said Todd Hultman, a grains analyst at DTN.

The price of soybeans for delivery in May rose 12.25 cents, or 0.9 percent, to $13.87 a bushel. That’s the highest level since September 2013.

Corn for May rose 3.5 cents, or 0.8 percent, to $4.61 a bushel and wheat for the same month gained 1 cent, or 0.2 percent, to $6.18 a bushel.

Metal prices were mixed.

Gold for April delivery climbed $4.70, or 0.4 percent, to $1,342.70 an ounce. Platinum for the same month rose $1.20, or 0.1 percent, to $1,442.60 an ounce.

Silver for March fell 8.8 cents, 0.4 percent, to $21.96 an ounce. Palladium for the same month fell $6.95, or 0.9 percent, to $736.10. Copper for March fell 1.2 cents, or 0.4 percent, to $3.26 a pound.

In energy trading, the price of oil fell 99 cents, or 1 percent, to $101.83 a barrel as weather forecasters backed off previous predictions for unusually cold temperatures next month.

Wholesale gasoline for April fell 3.5 cents to $2.97 per gallon. Heating oil for April dropped 2 cents to $3.03 a gallon. Natural gas futures fell 35 cents, or 6.4 percent, to $5.10 per 1,000 cubic feet.

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