Soybean prices ease, a day after snapping higher

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Soybean prices slipped on Tuesday, a day after spiking higher on concerns about tight supplies.

The actively traded July contract for soybeans fell 16 cents to settle at $14.70 a bushel.

The price rose 20 cents the day before, when traders worried about higher-than-expected exports, based on estimates from the U.S. Department of Agriculture.

Soybeans are up 14 percent this year on concerns about tight supplies. Those worries have been driven partly by burgeoning demand from China for soy meal used as animal feed.

July wheat fell four cents to $6.71 a bushel and July corn also fell four cents to $4.73.

Prices for gold and other metals were little changed.

June gold edged up 80 cents to $1,294.60 an ounce. July silver rose five cents to $19.40 an ounce.

Copper for July delivery fell 2 cents to $3.15 a pound, July platinum fell $1.30 to $1,468.90 an ounce and June palladium rose $10.25 an ounce to $825.85 an ounce.

Energy prices were mixed. U.S. benchmark crude oil for June delivery fell 17 cents to $102.44 a barrel.

Wholesale gasoline was little changed at $2.96 a gallon, heating oil edged up a penny to $2.95 a gallon and natural gas rose eight cents to $4.55 per 1,000 cubic feet.

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