Commodity Blog

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Soybean Prices Go Higher, Oil Prices Decline

May 10, 2012 at 20:15 by Vladimir Vyun

Soybeans gained today after three sessions of losses on speculation that adverse weather in South America will bolster demand for US exports. The US Department of Agriculture predicted that soybean exports from the United States will climb 14 percent. The Department estimated that US stockpiles of the grain will shrink to 145 million bushels by August 31, 2013, from this year’s 210 million. Soybeans jumped from $14.2775 to $14.4700 per bushel as of 20:05 GMT today on CBoT.

Oil was down today extending its losses after the US Energy Department reported yesterday that US stockpiles grew. US inventories of crude climbed by 3.7 million barrels to 379.5 million barrels last week — the highest level since 1990. Rumors that Saudi Arabia boosted output were also negative for oil prices. Brent crude fell today from $112.73 to $112.57 per barrel on ICE.

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