• Print
• E-Mail

NEW YORK - Soybeans gained on Wednesday amid speculation that demand for U.S. supplies will increase as farmers threaten to resume strikes next month in Argentina.

Soybean futures for July delivery increased by 0.9 percent or 13 cents to $14.025 a bushel on the Chicago Board of Trade.

Soybeans prices rose by 92 percent last year, reaching the highest record of $15.8625 on March 3, after U.S. farmers reduced plantings of the grain.

Soybeans gained on Wednesday on concern that farmers' threat to strike next month in Argentina will increase demand for U.S. supplies.

Farm groups in Argentina threatened to start the protests on May 2 demanding the government to revise export taxes.

Farmers went on strike last month for three weeks leading to food shortages across the South American nation.

Argentina is the world's third largest soybean supplier and leader in the sale of animal feed and vegetable oil made from soybeans.

Corn futures for July delivery gained 0.75 cents to $6.085 a bushel.

Corn prices advanced by 63 percent last reaching the highest record of $6.23 on April 17.

The U.S. Department of Agriculture said farmers may begin seeding as dry weather in U.S. corn growing areas sets-in.