Wheat rises on concern about Argentine crop
NEW YORK (AP) — Wheat rose the most in four weeks Wednesday on concern that frost damaged the crop in Argentina.
A smaller harvest in Argentina would cut the country’s exports and reduce the global supply of the grain.
Wheat for December delivery rose 12.25 cents, or 1.9 percent, to $6.7050 a bushel. That was the biggest increase since Aug. 26.
“If you’ve got a problem with the freeze in the wheat crop down in Argentina.....half their production goes out the door,” said Mike Zuzolo, an analyst at Global Commodity Analytics.
Soybeans and corn also rose. November soybeans gained 9.25 cents, or 0.7 percent, to $13.22 a bushel. Corn for December gained 6 cents, or 1.3 percent, to $4.55 a bushel.
In metals trading, prices for all major metals increased.
Gold logged the biggest gain. December gold climbed $19.90, or 1.5 percent, to $1,336.20 an ounce, its first advance in four days. Silver for the same month gained 30 cents, or 1.4 percent, to $21.89.
December copper rose 1.6 cents, or 0.5 percent, to $3.27 a pound. Platinum for October delivery gained $10, or 0.7 percent, to $1,428.80. Palladium for December gained $5.70, or 0.8 percent, to $725.70 an ounce.
In energy trading, oil fell for a fifth straight day after the Energy Department reported an unexpected increase in U.S. oil and gasoline supplies. Oil dropped 47 cents to settle at $102.66 a barrel. That’s the lowest closing price since July 3.
Wholesale gasoline rose 1 cent to $2.67 per gallon. Natural gas was flat at $3.49 per 1,000 cubic feet and heating oil rose 1 cent to $2.97 per gallon.