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Corn, soybeans rise on hints of strong demand

Published on NewsOK Modified: January 7, 2013 at 4:38 pm •  Published: January 7, 2013

Corn prices rose Monday as traders hoped for a bounce in export demand. Wheat and soybean futures were also higher.

Corn for March delivery rose 5.25 cents to settle at $6.8550 a bushel Monday.

Brandon Marshall, a commodity adviser with Northstar Commodity in Minneapolis, said traders were encouraged to pick up more corn contracts after the Department of Agriculture disclosed an unusually large order for the grain. The buyer and destination of the corn won't be disclosed until Thursday.

Soybeans for March delivery rose 21.25 cents to settle at $13.8850 a bushel. Soybeans have been mostly falling since mid-December, when they went as high as $15 a bushel.

In other commodities trading, energy futures were mostly higher and metals prices were mixed.

Wheat for March delivery rose 4 cents to $7.5125 a bushel.

Gold edged lower again, after closing out its sixth straight losing week on Friday, its longest losing streak in eight years.

Gold for February delivery fell $2.60 to settle at $1,646.30 an ounce.

Most other metals fell. March copper lost 1.55 cents to $3.6780 a pound. March palladium lost $18.50 to $670 an ounce. Platinum for April delivery fell $2.20 to $1,556.30 an ounce. March silver rose 13.6 cents to $30.0820 an ounce.

Benchmark crude rose 10 cents to finish at $93.19 a barrel in New York. In other energy trading, wholesale gasoline added 1.31 cent to finish at $2.7774 a gallon; heating oil rose 1.44 cents to end at $3.0321 a gallon and natural gas dropped 2.1 cents to finish at $3.2660 per 1,000 cubic feet.


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