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Soybeans keep sliding on concerns over China

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The Associated Press | March 12, 2014 04:15 PM EST | AP


Concerns over an economic slowdown in China continue to pummel prices for soybeans.

The contract for May delivery of soybeans sank 26 cents, or 2 percent, to settle at $13.87 a bushel Wednesday.

Soybean futures have slumped 5 percent this week following reports of slower trade in China and a drop in demand for the crop. China is the biggest buyer of U.S. soybeans, and any hint of a slip in demand tends to lower prices.

Contracts for delivery of wheat in May surged 25 cents, or 4 percent, to $6.838 a bushel.

Metals were broadly higher, led by silver and gold. Silver for May rose 54.3 cents, or 3 percent, to $21.358 an ounce. Gold for April jumped $23.80, or 2 percent, to $1,370.50 an ounce.