Market Updates

Corn Soars, Gold, Silver Dip

Ivaylo
25 Apr, 2007
New York City

    Corn futures closed substantially higher on Tuesday, drawing support from a lower-than-expected planting pace in U.S. Department of Agriculture weekly crop progress report, announced on Monday. Gold and silver futures also declined on Tuesday, while weaker U.S. economic data and technically oriented selling prompted a pullback in copper futures. In energy trading, all stocks finished lower save for natural gas which bucked the trend and advanced.

[R]5:00AM Corn surged Tuesday, while gold and silver declined.[/R]
On the Chicago Board of Trade, May corn ended up 8.25 cents at $3.6050 per bushel, July gained 7.25 cents to $3.7125, and December gained 4 cents to $3.7250.

June gold shed $6.50 to $687.70 a troy ounce on the New York Mercantile Exchange, while July silver slipped 26.8 cents to $13.916 an ounce. July platinum finished down $20.20 at $1,311.50 an ounce, while June palladium lost $8.40 to close at $379 an ounce. The most-active July copper contract fell 8.15 cents to settle at $3.5640 per pound.

The July crude oil contract declined 1.22 cents to end at $65.89 a barrel. May gasoline settled down 1.82 cents at $2.2089 a gallon and the May heating oil contract ended down 4.83 cents at $1.8460 a gallon. May natural gas bucked the trend and settled up 3.6 cents at $7.598 per million British thermal units.

On the New York Board of Trade, the May Arabica coffee contract finished down 1.95 cents at $1.0440 a pound, with July off 1.75 cents at $1.0765.

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