Commodities : Soybeans Prices Up 4th Day
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Soybean futures advanced Thursday for the fourth day this week, reflecting firm cash prices and tightening supplies. Wheat was higher but corn was mixed on the Chicago Board of Trade.
On other markets, oil futures established new contract highs; cattle futures were mostly higher while hogs declined; and precious metals were virtually unchanged.
The July soybean contract gained a dime a bushel before settling back several pennies.
While there is no shortage of soybeans, with record carryover supplies in the nation, cash prices were moving higher to bring more out of storage.
“You have to get them into the right hands,” said Mickey Luth, an analyst with the investment firm Shearson Lehman Brothers Inc. “They need some beans to move (into the marketing pipeline) to satisfy the good solid export demand.”
The nearby corn deliveries declined, traders said, because of possible policy changes coming from the Commodity Credit Corp. which could bring more grain to market.
Energy futures surged higher on the news that an Iranian gunboat attacked a U.S.-operated supertanker in the Persian Gulf.
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