Soybeans rise on signs that supplies remain tight

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News,Business

Soybean prices are ending higher as traders expect supplies to remain tight.

The actively traded July contract for soybeans rose 20 cents to settle at $14.85 a bushel.

Mike Zuzolo, president of Global Commodity Analytics and Consulting in Atchison, Kansas, says that the U.S. government's weekly prediction for soybean exports was higher than traders expected.

He says that supplies for beans have been extraordinarily tight as China's demand for soymeal, which is used as animal feed, continues to increase even as U.S. production stays relatively steady. Soybean prices have risen about 15 percent this year.

Corn fell six cents to $4.77 a bushel and wheat was little changed at $6.75 a bushel.

Prices for precious and industrial metals edged higher. Energy prices ended mostly higher.

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