Soybean prices fall on rain forecasts

AP News
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Posted: Jan 23, 2013 4:42 PM

Prices for soybeans and other key crops are falling as analysts expect more rain for soybean-producing countries in South America.

Soybean prices fell 1 percent as traders anticipated that Brazil and Argentina would get more rain after a hot, dry start to the year. Corn prices also fell about 1 percent. Wheat fell, but not as much.

Energy prices were mixed. Benchmark crude oil fell in New York. Brent crude rose in London.

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In metals, gold, copper, palladium and platinum all shed value. Silver was the exception, gaining 26.2 cents to $32.439 per ounce.