Soybeans fall as expectations grow for Brazil crop

AP News
Posted: Mar 12, 2013 5:35 PM

Soybean prices fell Tuesday as traders expected Brazil to produce a huge crop.

The actively traded May contract for soybeans fell 10.75 cents, or 0.7 percent, to $14.6875 a bushel. Traders are watching Brazil's crop come in and expect it to be very large, even as the possibility of port strikes in the country loom next week.

"The Brazilian harvest is coming along," said Mike Zuzolo, president of Global Commodity Analytics and Consulting. "Expectations for the South American crop are still large."

Grain prices rose. Corn for May delivery rose 3 cents, or 0.4 percent, to $7.1425 a bushel, and May wheat rose 3.5 cents, or 0.5 percent, to $7.035 a bushel.

Gold, silver and copper rose while platinum and palladium fell.

Gold for April delivery rose $13.70, or 0.9 percent, to $1,591.70 an ounce. Copper for May delivery rose 3.75 cents, or 1.1 percent, to $3.5545 a pound.

May silver rose 31.8 cents, or 1.1 percent, to $29.1710 an ounce. Palladium for June delivery dropped $3.70, or 0.5 percent, to $775.50 an ounce and April platinum fell $6.20, or 0.4 percent, to $1,595 an ounce.

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Oil rose for a fourth day as traders awaited the latest reports on U.S. oil supplies and retail sales.

Benchmark oil for April delivery gained 48 cents to finish at $92.54 per barrel in New York. .

Wholesale gasoline fell 0.22 cent to $3.1502 a gallon. Heating oil fell 2.07 cent to $2.9484 a gallon. Natural gas edged down 0.4 cent to $3.645 per 1,000 cubic feet.