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Wheat prices continue 2-week slide

November 6, 2013

NEW YORK (AP) — Wheat prices continued their two-week slide Wednesday, as traders speculated that good weather in the U.S. and abroad would lead to a bumper crop.

Wheat for December delivery fell 2.75 cents, or 0.4 percent, to $6.325 a bushel. Prices have been falling since Oct. 23.

Wheat is being hit on two fronts, said Art Liming, a commodities specialist with Citigroup. There has been “excellent weather” in Russia and the Ukraine — two large grain exporters. In the U.S. Midwest, the grain crop “is probably in the best condition it’s been in several years.”

Other agricultural commodities were mixed. December corn fell 4 cents, or 0.9 percent, to $4.2125 a bushel. January soybeans rose 4.75 cents, or 0.4 percent, to $12.55 a bushel.

The Department of Agriculture will release its closely-watched “World Agricultural Supply and Demand Estimates” report on Friday, which could affect corn and soybean prices. The report was delayed due to the partial government shutdown last month.

In metals, gold for December delivery rose $9.70, or 0.7 percent, to $1,317.80 an ounce.

Other metals prices were mixed. Silver rose 13 cents, 0.6 percent, to $21.77 an ounce and December high-grade copper fell 2 cents, or 0.7 percent, to $3.237 a pound.

December palladium rose $14.05, or 1.9 percent to $764.35 an ounce and January platinum was up $17.40, or 1.2 percent, to $1,467.40 an ounce.

In energy, crude oil for December delivery rose $1.43, or 1.5 percent, to $94.80 on the New York Mercantile Exchange.

Wholesale gasoline was up 3 cents, or 1.3 percent, to $2.548 a gallon. Heating oil rose less than a cent to $2.87 a gallon and natural gas was up 3 cents, or 0.9 percent, to $3.498 per 1,000 cubic feet.

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