Soybean prices fall on better weather forecasts

AP News
Posted: Jan 06, 2012 3:40 PM
Soybean prices fall on better weather forecasts

Soybean prices fell Friday as investors anticipate that weather conditions may improve in Argentina, which has had hot, dry weather. Wheat prices also fell.

The March soybean contract lost 12.5 cents, or 1 percent, settling at $11.965 a bushel.

Recent forecasts have called for rain in the coming days in Argentina, a major producer of soybeans and corn. The rain could mitigate damage to the crops, resulting in less of a supply pinch than analysts had feared.

March wheat lost 4.5 cents to $6.2475 a bushel. The March corn contract was unchanged at $6.435.

Metals prices were mixed. February gold lost $3.30 to settle at $1,616.80. March copper edged up 0.85 cent to $3.435 a pound. Silver for March delivery lost 61.3 cents, or 2 percent, settling at $28.683 an ounce.

April platinum lost $9.80 to settle at $1,408.20 an ounce and March palladium lost $30.40, or 4.7 percent, at $614 an ounce.

In energy trading, crude oil lost a quarter to settle at $101.56 a barrel. Heating oil rose 3.14 cents to finish at $3.0702 per gallon and gasoline futures rose 1.51 cents to end at $2.7516 per gallon. Natural gas rose 8 cents to finish at $3.0620 per 1,000 cubic feet.