CL: Commodities China adds to price hike in soybeans
Soybean prices pushed higher Wednesday as China made another hefty purchase from the United States to help satisfy a voracious appetite for the protein-rich beans.
Soybeans for January delivery settled up 32.25 cents at $12.2375 a bushel, its highest level since the summer of 2009.
China has purchased U.S. soybeans for six consecutive days, including Wednesday's buy of 180,000 metric tons, Telvent DTN analyst John Sanow said.
China wants to increase the amount of protein in the diet of its growing population with soybeans.
Most commodities also settled higher as the dollar grew weaker, giving up much of the gain it made Tuesday after China's central bank raised a key interest rate in an effort to curb its robust economy.
In December contracts, corn jumped 27.5 cents to $5.7350 a bushel; wheat added 11.5 cents to $6.83 a bushel.
December gold rose $8.20 to $1,344.20 an ounce. Silver rose 8.4 cents to $23.864 an ounce; copper gained 3.6 cents to $3.7935 a pound and palladium rose $12.20 to $590.65 an ounce. January platinum added $9.70 to $1,687.30 a pound.
Benchmark crude for November delivery added $2.28 to $81.77; in the December contract, oil rose $2.38 to $82.54 a barrel. In other November contracts, heating oil gained 6.55 cents to $2.2548 a gallon; gasoline tacked on 3.43 cents at $2.0826 a gallon and natural gas added 2.6 cents at $3.539 per 1,000 cubic feet.