Soybean prices fall on rain forecasts

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Associated Press

Posted on January 23, 2013 at 4:00 PM

Prices for soybeans and other key crops are falling as analysts expect more rain for soybean-producing countries in South America.

Soybean prices fell 1 percent as traders anticipated that Brazil and Argentina would get more rain after a hot, dry start to the year. Corn prices also fell about 1 percent. Wheat fell, but not as much.

Energy prices were mixed. Benchmark crude oil fell in New York. Brent crude rose in London.

In metals, gold, copper, palladium and platinum all shed value. Silver was the exception, gaining 26.2 cents to $32.439 per ounce.

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