NEW YORK (AP) -- Soybeans rose to a record for a third day Thursday but later retreated on expectations that warm, dry weather in the Midwest will help crops bounce back after last month's floods.Other commodities traded mixed, with crude oil briefly rising to a new record near $146 and gold, silver and copper futures falling.
Soybean futures have shot up 9 percent in the last week, driven by concerns of poorer-than-expected U.S. yields following devastating Midwest floods that ravaged corn and soybean fields. But weather forecasts over the next few days predict cooler temperatures for much of the region, a scenario that would boost soybean crops as they enter the key growing period.
"We're basically trading the weather right now," said Jason Ward, analyst with Northstar Commodity in Minneapolis. "The weather looks to be normal heading into the weekend so that's a little bearish for soybeans."
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