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Expectations of drier weather help pull prices for soybeans up; Corn and wheat rise

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Soybean futures rose Wednesday as forecasts for dry weather pulled prices up from their lows for the year.

Soybeans rose 19 cents to settle at $10.77 a bushel. Other crop futures also rose. Wheat rose 6 cents to $5.31 a bushel and corn added 3 cents to $3.71 a bushel.

Favorable weather conditions have pummeled prices for grains and beans in recent weeks. On Tuesday, soybean prices hit their lowest settlement price since October 2010, according to FactSet. Both wheat and corn are trading at their lowest prices since July 2010.

Weather forecasts now say the Midwest could receive less rain than previously projected. Mike Zuzolo, president of Global Commodity Analytics, said those forecasts helped nudge prices up Wednesday because many farmers planted their soybeans late in the season, which makes them more susceptible to changing weather.

In other trading, contracts for precious and industrial metals barely budged.

Gold for August delivery slipped $1.60 to $1,304.70 an ounce. Silver for September slipped a penny to $21 an ounce.

Platinum for October delivery lost $1.60 to $1,486.70 an ounce, while palladium for September lost 55 cents to $874.30 an ounce. Copper for September was flat at $3.21 a pound.

The benchmark U.S. crude oil contract gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell 2 cents to $2.86 a gallon.

— Heating oil rose 2 cents to $2.875 a gallon.

— Natural gas fell 1 cent to $3.76 per 1,000 cubic feet.

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