Soybeans surge on expectations for rising demand

AP News
Posted: May 21, 2014 4:15 PM

Soybean prices are surging on expectations of rising demand from China and tighter supplies.

The actively traded July contract for soybeans rose 36 cents to settle at $15.05 a bushel Wednesday.

China's demand for soymeal, which is used to feed livestock, has grown this month. Demand had slumped last month over concerns about bird flu.

Corn rose one penny to $4.75 a bushel and wheat slipped 6 cents to $6.64 a bushel.

In other trading, prices for gold and industrial metals were mixed. Gold fell $6.50 to settle at $1,288.10 an ounce.

The price of oil reached a one-month high Wednesday after a report revealed a large drop in U.S. crude supplies. Oil prices have climbed more than 4 percent this month.