NEW YORK -- Soybeans surged to a record for a second straight day Wednesday on concerns that flood-battered Midwest crops may produce lower yields, straining supplies at a time of booming world demand.
Other commodities traded mostly higher, with crude oil gaining $2 a barrel and gold, silver, copper and agriculture futures all rising.
U.S. farmers plan to harvest 96.8 percent of this year's 74.5 million acre soybean crop, down from an estimate of 98.7 percent that was calculated before severe floods struck the Midwest last month, the U.S. Department of Agriculture said in its annual acreage survey released Monday. Nationwide, farmers said only 70 percent of the intended soybean crop had been planted at the time of the U.S.D.A. survey interview, the lowest level in 12 years.
"Soybean yield prospects are just as uncertain as corn's. The crops are seeing really late development" after the flooding, said Elaine Kub, analyst with DTN in Omaha.
Soybeans for November delivery shot up to a record $16.2275 a bushel on the Chicago Board of Trade, before easing back to $16.09, down 1 cent. On Tuesday, soybeans settled at a record $16.10 a bushel.
Soybean prices have jumped 43 percent in the past year amid soaring world demand to feed people and livestock, particularly in China. Prices have also gained on a recent farmer's strike in Argentina, the world's third largest soybean producer after the United States and Brazil.
Other agriculture futures traded mixed Wednesday. Corn for December delivery added 11.5 cents to $7.635 a bushel on the CBOT, while wheat for September delivery rose 6.25 cents to $8.71 a bushel.
In energy markets, crude oil prices jumped back above $143 a barrel Wednesday after the government reported U.S. crude stockpiles fell more than expected last week. The Energy Department's Energy Information Administration said crude oil supplies fell by 2 million barrels last week, or about 800,000 barrels more than analysts surveyed by the energy research firm Platts predicted.
However, the report also said gasoline supplies unexpectedly grew by a considerable amount, and demand continued to slide, suggesting that Americans are cutting back on driving amid record fuel prices.
Light, sweet crude for August delivery rose as high as $143.27 on the New York Mercantile Exchange before easing back to $142.78, up $1.81.
Other energy futures also traded higher. August gasoline futures added 1 cent to $3.5234 a gallon on the Nymex, while August heating oil futures rose 10.40 cents to $4.0475 a gallon.
In precious metals, gold futures rose modestly after the dollar weakened against the euro, encouraging investors to buy the metal as a hedge against inflation.
Gold for August delivery rose $1.30 to $945.80 an ounce on the Nymex, after earlier rising as high as $947.90.
Other precious metals also rose. September silver futures added 2.5 cents to $18.315 an ounce on the Nymex, while September copper futures gained 13 cents to $4.0405 a pound.
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