Soybeans gain for 10th day in a row

AP News
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Posted: Mar 02, 2012 4:09 PM
Soybeans gain for 10th day in a row

Soybeans rose again, extending their winning streak to 10 trading days. Gold and silver prices slipped.

Soybeans are now up 10 percent this year, driven by concerns about dry weather in South America and strong demand for U.S. exports. Barclays analysts wrote in a note to clients that they expect that trend to continue this year.

May soybeans settled up 10.5 cents to $13.33 a bushel Friday. Wheat also rose 10.5 cents, settling at $6.745 a bushel. Corn rose 1 cent to $6.55 a bushel.

Gold lost $12.40, less than 1 percent, to settle at $1,709.80. Silver lost even more, shedding $1.136, or 3.2 percent, to $34.525. Both metals faded after the dollar rose sharply against the euro. Traders often buy precious metals as a hedge against a weak dollar and sell them when the dollar rises.

Platinum fell $9.40 to $1691.70 an ounce and palladium fell $4.20 to $712.55 an ounce. Copper fell 2.85 cents to $3.903 a pound.

Crude oil fell $2.14 to finish at $106.70 per barrel. Heating oil fell 7.35 cents to finish at $3.2018 per gallon and gasoline futures fell 7.96 cents to end at $3.2721 per gallon. Natural gas futures rose 2 cents to finish at $2.48 per 1,000 cubic feet.