Soybeans rise to record for 3rd day, then ease
http://ap.google.com/article/ALeqM5jND4r3B-VBZu2Og [2008-7-7]
Tag : Soy Beans
Soybeans rose to a record for a third dayThursday but later eased back on expectations that warm, dryweather in the Midwest will help crops bounce back after floodinglast month.
Other commodities traded mixed, with crude oil briefly rising above$145 for the first time and gold, silver and copper futuresfalling.
Soybean futures have shot up 9 percent in the last week, driven byconcerns of poorer-than-expected U.S. yields following devastatingMidwest floods that ravaged corn and soybean fields. But weatherforecasts for the next few days predict favorable conditions formuch of the region, a scenario that would boost soybean crops asthey enter the key growing period.
"We're basically trading the weather right now," said Jason Ward,analyst with Northstar Commodity in Minneapolis. "The weather looksto be normal heading into the weekend so that's a little bearishfor soybeans."
Soybeans for November delivery jumped to a record $16.3540 a bushelon the Chicago Board of Trade before easing to settle at $16.31 abushel, up a penny. It was the third straight trading record forsoybeans.
Soybean prices have soared 82 percent in the past year amid aglobal scramble for grains and oilseeds to feed livestock andpeople and make biofuel.
U.S. farmers plan to harvest 96.8 percent of this year's 74.5million acre soybean crop, down from an estimate of 98.7 percentthat was calculated before severe floods struck the Midwest lastmonth, the U.S. Department of Agriculture said in its annualacreage survey released Monday. Nationwide, farmers said only 70percent of the intended soybean crop had been planted at the timeof the USDA. survey interview, the lowest level in 12 years.
Other agriculture futures traded mixed Thursday. Corn futures forDecember delivery lost 3.5 cents to settle at $7.77 a bushel on theCBOT, while wheat futures for September delivery added 7.25 centsto settle at $8.875 a bushel.
In energy markets, oil prices shot up near $146 but later easedback after the dollar gained some ground against the euro.
Light, sweet crude for August delivery jumped $1.72 to settle at arecord $145.29 on the New York Mercantile Exchange. Earlier, pricesrose to a new trading record of $145.85 a barrel.
Other energy futures also went higher. August heating oil futuresrose 3.45 cents to settle at $4.106 a gallon, while August gasolinefutures added 2.16 cents to settle at $3.571 a gallon.
In precious metals, gold futures fell in erratic trading after thedollar strengthened against the euro, encouraging selling frominvestors who bought the metal as an inflation hedge.
Gold for August delivery fell $12.90 to settle at $933.60 an ounceon Nymex, after earlier rising as high as $950.
September silver lost 5 cents to settle at $18.37 an ounce on theNymex, while September copper dropped 11.45 cents to settle at$3.949 a pound.
Soybeans rose to a record for a third dayThursday but later eased back on expectations that warm, dryweather in the Midwest will help crops bounce back after floodinglast month.
Other commodities traded mixed, with crude oil briefly rising above$145 for the first time and gold, silver and copper futuresfalling.
Soybean futures have shot up 9 percent in the last week, driven byconcerns of poorer-than-expected U.S. yields following devastatingMidwest floods that ravaged corn and soybean fields. But weatherforecasts for the next few days predict favorable conditions formuch of the region, a scenario that would boost soybean crops asthey enter the key growing period.
"We're basically trading the weather right now," said Jason Ward,analyst with Northstar Commodity in Minneapolis. "The weather looksto be normal heading into the weekend so that's a little bearishfor soybeans."
Soybeans for November delivery jumped to a record $16.3540 a bushelon the Chicago Board of Trade before easing to settle at $16.31 abushel, up a penny. It was the third straight trading record forsoybeans.
Soybean prices have soared 82 percent in the past year amid aglobal scramble for grains and oilseeds to feed livestock andpeople and make biofuel.
U.S. farmers plan to harvest 96.8 percent of this year's 74.5million acre soybean crop, down from an estimate of 98.7 percentthat was calculated before severe floods struck the Midwest lastmonth, the U.S. Department of Agriculture said in its annualacreage survey released Monday. Nationwide, farmers said only 70percent of the intended soybean crop had been planted at the timeof the USDA. survey interview, the lowest level in 12 years.
Other agriculture futures traded mixed Thursday. Corn futures forDecember delivery lost 3.5 cents to settle at $7.77 a bushel on theCBOT, while wheat futures for September delivery added 7.25 centsto settle at $8.875 a bushel.
In energy markets, oil prices shot up near $146 but later easedback after the dollar gained some ground against the euro.
Light, sweet crude for August delivery jumped $1.72 to settle at arecord $145.29 on the New York Mercantile Exchange. Earlier, pricesrose to a new trading record of $145.85 a barrel.
Other energy futures also went higher. August heating oil futuresrose 3.45 cents to settle at $4.106 a gallon, while August gasolinefutures added 2.16 cents to settle at $3.571 a gallon.
In precious metals, gold futures fell in erratic trading after thedollar strengthened against the euro, encouraging selling frominvestors who bought the metal as an inflation hedge.
Gold for August delivery fell $12.90 to settle at $933.60 an ounceon Nymex, after earlier rising as high as $950.
September silver lost 5 cents to settle at $18.37 an ounce on theNymex, while September copper dropped 11.45 cents to settle at$3.949 a pound.
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