Soybean prices rise on signs of strong demand

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Associated Press

Posted on April 16, 2014 at 3:00 PM

Updated Wednesday, Apr 16 at 5:00 PM

Soybean futures rose Wednesday as traders see more signs of strong demand for beans. Wheat futures are lower.

The actively traded contract for soybeans delivered in July rose 21 cents to $15.09 a bushel.

Brandon Marshall, commodity trader with Northstar Commodity in Minneapolis, said soybean processing plants are bidding higher prices for beans.

That's a sign of robust demand for products they make including soybean meal, which is commonly used as animal feed in China.

Marshall also said a report out Tuesday from the National Oil Bean Association that a record amount of beans are being crushed for soymeal also was supporting prices.

Wheat for July delivery fell 15 cents to $6.95 a bushel. Corn edged down 6 cents to $4.98 a bushel.

Metals prices mostly rose. Gold for June delivery rose $3.20 to $1,303.50 an ounce.

May silver rose 15 cents to $19.63 an ounce, May copper rose 4 cents to $3.03 a pound and June palladium rose $6.40 to $802.30 an ounce. July platinum fell $6.80 to $1,437.80 an ounce.

Crude oil was little changed at $103.76 a barrel. Other energy prices were mixed.

Wholesale gasoline was little changed at $3.04 a gallon, heating oil edged up 2 cents to $3.01 a gallon and natural gas fell 3.7 cents to $4.53 per 1,000 cubic feet.

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