Soybeans edge lower as a five-day rally fades
- Article by: STEVE ROTHWELL
- Associated Press
- January 16, 2014 - 3:45 PM
NEW YORK — Soybeans are closing lower for the first day in six Thursday after a rally driven by stronger demand from China petered out.
The price of soybeans for delivery in March fell 3 cents, or 0.2 percent, to $13.15 a bushel on Thursday. Soybeans are still 2.8 percent higher for the week.
Soybeans started the day higher after the U.S. Department of Agriculture's weekly export survey showed continued demand for the crop from China, but turned lower in late morning and slipped throughout the rest of the day.
Soybeans "got a little ahead of themselves and just pulled back," said Todd Hultman, a grains analyst at DTN. "The real story lately has been just how strong and persistent China has been in buying soybeans. They're just showing no signs in backing off."
In other agricultural products trading, wheat and corn futures rose.
Wheat for March delivery rose 5 cents, or 0.9 percent, to $5.73 cents a bushel. Corn for delivery the same month gained 2.25 cents, or 0.5 percent, to $4.28 a bushel.
Metals were mixed. Gold and platinum rose, while silver, copper and palladium fell.
Gold for February delivery rose $1.90, or 0.2 percent, to $1,240.20 an ounce. Platinum for April delivery rose $2.90, or 0.2 percent, to $1,421.50.
March silver fell 8 cents, or 0.4 percent, to $20.05 an ounce. Copper dropped 1.5 cents, or 0.5 percent, to $3.34 an ounce. Palladium for March delivery fell 10 cents to $743.90.
In energy trading, the price of oil edged lower a day after recording its biggest gain of the new year.
Benchmark U.S. crude oil for February delivery fell 21 cents, or 0.2 percent, for $93.96 a barrel. Wholesale gasoline fell 3 cents at $2.60 a gallon.
Wholesale gasoline fell 3 cents to $2.59 a gallon. Natural gas rose 6 cents to $4.38 per 1,000 cubic feet. Heating oil rose 0.5 cents to $2.98 a gallon.
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