Soybean prices ease, a day after snapping higher

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Associated Press

Posted on May 20, 2014 at 1:02 PM

Updated Tuesday, May 20 at 1:07 PM

Soybean prices are easing, a day after spiking higher on concerns about tight supplies.

The actively traded July contract for soybeans fell 16 cents to settle at $14.70 a bushel Tuesday.

The price rose 20 cents the day before, when traders worried about higher-than-expected exports, based on estimates from the U.S. Department of Agriculture.

Soybeans are up 14 percent this year on concerns about tight supplies. Those worries have been driven partly by burgeoning demand from China for soy meal used as animal feed.

July wheat fell four cents to $6.71 a bushel and July corn also fell four cents to $4.73.

Prices for gold and most other metals were little changed.

Energy prices were mixed. U.S. benchmark crude oil for June delivery fell 17 cents to $102.44 a barrel.

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