Soybeans log best month in more than a year

AP News
Posted: Aug 30, 2013 2:50 PM

Soybeans are logging their best month in more than a year on concerns that dry weather in August will harm this year's crop.

The price of soybeans ended August almost 13 percent higher at $13.57 a bushel. That's the biggest monthly gain since July last year.

The Midwest is experiencing dry weather at crucial time for the development of the soybean crop, threatening this year's harvest.

On Friday, the price of the beans fell 11 cents, or 0.8 percent, as traders were reluctant to hold the contracts over the Labor Day weekend.

Corn and wheat were little changed.

In metals trading, gold, silver, palladium and copper all fell. Platinum bucked the trend and rose.

Oil fell $1.20, or 1.1 percent, to $107.65 a barrel.