Corn and soybean futures turn higher; metals mixed
Corn and soybean futures ended higher Wednesday, reversing course after several weeks of losses. Metals and energy contracts are finishing mixed.
Corn for December delivery, the most actively traded contract, rose 5 cents, or 1.3 percent, to $3.87 a bushel.
The price of corn is still down sharply from its recent high of $5.22 a bushel on April 29 as traders expect a large U.S. crop this year thanks to favorable growing conditions.
Traders also expect a big crop for soybeans. Those bounced back 16 cents, or 1.4 percent, to $11.02 a bushel. Soybeans reached a recent high of $15.17 a bushel on May 22.
Wheat for September delivery edged up a quarter of a penny to $5.38 a bushel.
Metals closed mixed. August gold edged up $2.70 to $1,299.80 an ounce while September silver fell 11 cents to $20.78 an ounce.
Platinum for October delivery added 70 cents to $1,485.70 an ounce and palladium for September delivery rose $8.20 to $876.75 an ounce.
U.S. crude for August delivery rose $1.24 to close at $101.20 a barrel on the New York Mercantile Exchange.
Oil’s gains were driven by a drop in U.S. crude inventories that was more than double what analysts had expected.
In other trading of energy contracts:
— Wholesale gasoline fell 1.6 cents to close at $2.883 a gallon.
— Natural gas rose 2.2 cents to close at $4.119 per 1,000 cubic feet.
— Heating oil rose 0.2 cent to close at $2.858 a gallon.