Market Updates
Corn Rallies, Gold, Oil Gain
Ivaylo
22 May, 2007
New York City
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Corn prices advanced Monday on reports of hot, dry weather in the eastern Corn Belt. In other commodities trading, crude oil rallied more than $1 a barrel while industrial metals advanced. Ongoing outages at the nation
[R]5:30AM Corn rallies Monday, gold and oil also advance.[/R]
A bushel of corn for July delivery surged 9.75 cents to close at $3.81 on the Chicago Board of Trade, adding to modest gains last week. Soybean and wheat futures also gained. July soybeans picked up 8 cents higher to settle at $8.0050 a bushel and July wheat rose 8.25 cents to $4.7950 a bushel.
Crude oil for June delivery rallied $1.33 cents to settle at $66.27 a barrel on the Nymex. Overseas, Brent crude for July delivery climbed $1.07 to close at $70.49 on the ICE Futures exchange in London.
Gold for June delivery added $1.80 to end at $663.80 an ounce. July platinum settled down $6.50 at $1,319.70 an ounce, while June palladium settled up $9.05 at $374.30 an ounce. Copper gained 7.6 cents to settle at $3.4030 a pound on the Nymex. Aluminum, zinc and lead settled higher on the London Metal Exchange.
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