Posted: Jul 23, 2014 1:57 PM
Updated: Jul 23, 2014 1:58 PM
Soybean futures are settling higher 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 on Wednesday.
Favorable weather conditions have pummeled prices for crop futures in recent weeks. On Tuesday, soybean prices hit their lowest settlement price since October 2010, according to FactSet.
Weather forecasts say the Midwest could receive less rain than previously projected. Mike Zuzolo, president of Global Commodity Analytics, says 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.
The benchmark U.S. crude oil contract gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange.