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Wheat advances for fourth straight day

September 26, 2013

Wheat is rising for a fourth day, climbing to its highest level in more than two months, on lingering concern that Argentina’s crop will be impacted by unfavorable weather.

The price of wheat for December delivery advanced 7.75 cents, or 1.2 percent, to $6.78, the highest price since July 12.

“We are seeing some continued issues of dryness in Argentina,” said Sterling Smith, a commodities analyst at Citigroup. “If the dryness persists, we may be starting a degree of a sustainable wheat rally.”

In other trading of agricultural products. Corn also rose, while soybeans edged lower.

December corn rose 20 cents, or 0.4 percent, to $4.57 a bushel. November soybeans fell 5 cents, or 0.4 percent, to $13.17.

Most metals fell.

Gold for December fell $12.10, or 0.9 percent, to $1,324.10 an ounce. Silver for the same month dropped 12 cents, or 0.5 percent, to $21.77 an ounce. Platinum for October dropped $18.10, or 1.3 percent, to $1,410.70. Palladium for the same month fell $2.25, or 0.3 percent, to $723.45 an ounce.

Copper bucked the trend and advanced. Copper for December gained 3.5 cents, or 1.1 percent, to $3.31 a pound.

In energy trading, the price of oil rose for the first time in six days on upbeat news about the U.S. economy. U.S. unemployment claims fell close to their lowest level in six years, the government reported.

Benchmark oil for November delivery gained 37 cents Thursday to close at $103.03 a barrel on the New York Mercantile Exchange. Oil had dropped $5.41, or 5 percent, over the five previous trading sessions.

Natural gas rose 1 cent to $3.50 per 1,000 cubic feet (28.32 cubic meters).

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