Soybeans see new record price in Chicago

The price of soybeans rose to a new record on the Chicago Board of Trade on Thursday on the possibility that demand will rise in China after damage to as much as half of that nation’s rapeseed crop due to recent storms.

CBOT May contracts added 38.5 cents to $13.85 per bushel.

Rapeseed, like soybeans, is used to make livestock feed and cooking oil.

CBOT May corn was also higher, gaining 13 cents to $5.23 per bushel, while CBOT March wheat added 33 cents to $10.25 per bushel as May wheat contracts were up 29 cents to $10.37 per bushel.

Crude oil prices were higher again on Thursday on new figures showing the US trade deficit has narrowed, on the prospect of further cuts in US interest rates, and on the confirmation of another freeze on Venezuelan oil assets, this time by a US court.

West Texas Intermediate crude for March delivery had added $2.08 to $95.35 per barrel by near the close of floor trade on the New York Mercantile Exchange while March contracts for Brent crude were $1.64 higher to $94.96 per barrel.

Nymex March gasoline was up 5 cents to $2.44 per gallon while March heating oil added 2 cents to $2.64 per gallon and April natural gas gained 39 cents to $8.82 per million British thermal units.

The price of platinum was up again in New York, adding $22.20 to $2,005.90 per troy ounce, bringing gains for the metal used in the manufacture of pollution-control devices for motor vehicles to more than $500 since 22 January.

Among other precious metals, April gold added 80 cents to $911 per troy ounce but March silver dropped 9 cents to $17.26 per troy ounce in New York.

Meanwhile among base metals, May copper was 4 cents lower to $3.50 per pound in New York and three-month copper on the London Metal Exchange dropped $100 to $7,780 per tonne, or $3.49 per pound ahead of inventories reports due Friday in Shanghai.

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