Soybeans rise after rain brings fear of crop delay

AP News
Posted: May 28, 2013 4:12 PM

Soybeans are rising on speculation that wet weather in the Midwest will delay crop planting.

July soybeans climbed 33 cents, or 2.2 percent, to $15.0925 a bushel Tuesday.

Repeated thunderstorms in the parts of the Midwest have led to between 2 and 6 inches of rainfall in the past several days, according to the Weather Channel.

Corn also rose. The July contract rose 9.25 cents to $6.665 a bushel. Wheat slipped 3.75 cents to $6.9375.

In metals trading, gold and silver prices fell while other futures rose.

June gold fell $7.70 to $1,378.90 an ounce. July silver fell 30.3 cents to $22.193 an ounce.

July copper rose 1.95 cents to $3.315 a pound. Platinum for delivery in the same month rose $9.90 to $1,461.80 an ounce. June palladium rose $30.55 to $757 an ounce.

Energy prices mostly rose. Crude oil rose 86 cents to $95.01 a barrel in New York.

In other trading, wholesale gasoline rose 1 cent to $2.85 a gallon, heating oil climbed 5 cents to $2.91 per gallon and natural gas shed 6 cents to $4.17 per 1,000 cubic feet.