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Soybean prices rise on signs of strong demand

Published on NewsOK Modified: April 16, 2014 at 2:51 pm •  Published: April 16, 2014

Soybean futures are higher as traders see more signs of strong demand for beans. Wheat futures are lower.

The actively traded contract for soybeans delivered in July rose 21 cents to $15.09 a bushel Wednesday.

Brandon Marshall, commodity trader with Northstar Commodity in Minneapolis, said soybean processing plants are bidding higher prices for beans. That's a sign of robust demand for products they make including soybean meal, which is commonly used as animal feed in China.

Wheat for July delivery fell 15 cents to $6.95 a bushel. Corn edged down 6 cents to $4.98 a bushel.

Metals prices mostly rose. Gold for June delivery rose $3.20 to $1,303.50 an ounce.

Crude oil was little changed at $103.76 a barrel. Other energy prices were mixed.