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Soybean prices rise on higher imports from China

Published on NewsOK Modified: May 8, 2014 at 3:05 pm •  Published: May 8, 2014

Soybean prices are higher after traders were encouraged by a pickup in Chinese imports of the beans.

The actively traded July contract for soybeans rose 23 cents to $14.70 a bushel Thursday. The increase was only the second gain in the last seven trading days.

Soybean prices had been falling because traders were worried about China canceling orders. An improvement in April import numbers assuaged those concerns, said Sterling Smith, a commodities specialist with Citigroup in Chicago.

Corn rose slightly and wheat futures edged lower.

Energy prices fell. U.S. crude oil for June delivery slipped 51 cents to close at $100.26 a barrel in New York.

Metals futures were mixed. Gold and silver fell, while copper, platinum and palladium prices rose slightly.


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