News Summary: Soybean prices jump as heat lingers

AP News
|
Posted: Jul 05, 2012 3:57 PM
News Summary: Soybean prices jump as heat lingers

JUMPING BEANS: Soybean prices hit the highest level since the summer of 2008 as crops drooped under an extended spell of hot, dry weather. Investors speculated that global supplies will remain low after the harvest. Meanwhile, U.S. export demand is robust.

ECONOMIC MOVES: China made a surprise interest rate cut, causing investors to worry that its economic downturn may be worse than previously known. The European Central Bank also cut its main interest rate to try to promote economic growth.

UPS, DOWNS: Prices for gold, silver, copper and oil fell. Wheat, corn, gasoline and natural gas rose.