Soybeans gain on forecast for dry spell in Brazil

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Associated Press

Posted on November 26, 2012 at 2:01 PM

Updated Monday, Nov 26 at 2:01 PM

Soybeans are edging higher on Monday on concern that weather conditions in South America will harm this year's crop.

Dry conditions forecast for the next ten days may impact the current planting season in southern Brazil, where much of the country's crop is grown.

Soybeans gained 6 cents to finish at $14.2475 a bushel Monday.

In other agricultural trading, wheat was unchanged and corn edged lower.

The price of oil fell, holding 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.

Metals were little changed. Gold edged lower after a big gain on Friday. Platinum and palladium also fell, while silver and copper crept higher.

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