Policy: Environment & Energy

Soybeans fall as traders bet on warmer weather

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News,Business,Agriculture,Energy and Environment,Weather

Prices for soybeans and corn sank on speculation that warmer weather will lead to rising supplies of the crops.

A government report out Thursday that showed weaker exports of soybeans helped send prices for beans lower.

Soybeans sank 52 cents to settle at $14.61 a bushel on Thursday, a 3 percent drop.

Wheat and corn dropped 2 percent. Wheat fell 14 cents to $7.07 a bushel. Corn fell 12 cents to $5.07 a bushel.

Forecasts for higher temperatures next week mean farmers can get busy planting crops. Earlier this week, a government report showed that planting for this year's corn crop was going much more slowly than usual.

"U.S. weather for planting is opening up," said Mike Zuzolo, president of Global Commodity Analytics and Consulting. "Temperatures are going to start coming around. Rain is looking less likely in the next seven days."

In metals trading, gold for June delivery dropped $12.50 to $1,283.40 an ounce. July silver fell 13 cents to $19.04 an ounce.

Copper for July dipped 0.6 of a penny to $3.02 a pound.

Platinum for July slipped 40 cents to $1,427.50 an ounce, while palladium for June rose $1.65 to $814.15 an ounce.

In the market for oil and gas contracts, benchmark U.S. crude oil for June delivery dropped 32 cents to $99.42 on the New York Mercantile Exchange.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell 3 cents to $2.94 a gallon.

— Heating oil sank 1 cent to $2.91 a gallon.

— Natural gas lost 10 cents to $4.72 per 1,000 cubic feet.

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