Soybeans Fall After Rain Hits Some Parched Crops
Associated Press -- August 7, 2012 -- The price of soybeans is dropping after rain fell across parts of the Midwest. That's raising questions about how much the moisture may have benefited crops that have been battered by hot, dry weather.Soybeans fell 2.7 percent Monday to end at $15.8425 per bushel. Corn also fell but wheat rose.
The nation's drought has caused widespread damage as corn and soybean crops baked for much of the summer.
Many analysts believe the corn crop is beyond salvage even if substantial rain falls. But soybeans are planted later in the season, so rain still could help. Both crops are in short supply in the U.S. and globally.
In other trading, prices are higher for gold, copper, silver and oil. Platinum and gasoline are lower.
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