This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Soybeans Gain On Forecast For Dry Spell In Brazil

STEVE ROTHWELL

NEW YORK (AP) â¿¿ Soybeans edged higher on concern that dry weather conditions in Brazil will harm this year's crop.

Soybeans for January delivery gained 6 cents, or 0.4 percent, to $14.2475 a bushel on Monday. The futures contract climbed as high as $14.35 during the day. Soybean prices are recovering, after slipping from their highest level in more than a decade in the summer.

A dearth of rain is forecast for the next ten days. That may have an impact on the current planting season in southern Brazil, where much of the country's crop is grown.

"We are turning drier at a critical early phase of the growing season" in Brazil, said Mike Zuzulo, president of Global Commodity Analytics and Consulting.

In other agricultural trading, corn also rose. The December contract gained 1.75 cents, or 0.2 percent, to $7.4725 a bushel. The gains for corn were driven by concern that too much rain in Argentina would harm the season's crop.

"Argentina is turning wet again," Zuzolo said. "That is going to delay some planting and cause some problems."

December wheat gained 1.25 cents, or 0.1 percent, to $8.49 a bushel.

The price of oil fell below $88 a barrel as a truce between Israel and the militant group Hamas in the Gaza Strip appeared to hold despite a confrontation last week. Benchmark oil fell 54 cents to $87.74 a barrel.

Metals were little changed.

December gold edged lower, falling $1.80, or 0.1 percent, to $1,749.60 an ounce. Silver for December delivery rose 2.1 cents, or 0.1 percent, to $34.137 an ounce. Both metals gained strongly on Friday and are trading at or near their highest levels in more than a month.

Platinum for January delivery fell $6.10, or 0.4 percent, to $1,611 an ounce and December palladium fell $6.40, or 1 percent, to $661.20 an ounce. Copper rose 0.85 cents, or 0.2 percent, to $3.5365 a pound.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,623.48 -66.38 -0.38%
S&P 500 2,100.44 -3.40 -0.16%
NASDAQ 5,123.9330 -4.3480 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs