Soybean prices rose to the highest in five months Tuesday, as demand for the crop increased.
The U.S. Department of Agriculture announced a sale of 568,000 metric tons of soybeans Tuesday. Soybean prices have rallied this year amid signs of strong demand from China.
“Soybean supplies are tight and we are seeing the major players bidding up prices,” said Todd Hultman, a grains analyst at DTN.
The price of soybeans for delivery in May rose 12.25 cents, or 0.9 percent, to $13.87 a bushel. That’s the highest level since September 2013.
Corn for May rose 3.5 cents, or 0.8 percent, to $4.61 a bushel, and wheat for the same month gained 1 cent, or 0.2 percent, to $6.18 a bushel.
Metal prices were mixed.
Gold for April delivery climbed $4.70, or 0.4 percent, to $1,342.70 an ounce. Platinum for the same month rose $1.20, or 0.1 percent, to $1,442.60 an ounce.
Silver for March fell 8.8 cents, 0.4 percent, to $21.96 an ounce. Palladium for the same month fell $6.95, or 0.9 percent, to $736.10 an ounce. Copper for March fell 1.2 cents, or 0.4 percent, to $3.26 a pound.