Market Updates

Wheat Surges, Gold Falls

Ivaylo
21 Jun, 2007
New York City

    Wheat prices rose sharply Wednesday as concerns mounted about the fallout from what is widely expected to be a poor harvest. Gold prices fell yesterday despite having risen in recent seccion as U.S. Treasury yields fell. Lower bond yields often give support to gold prices because both are regarded as areas of shelter. Among other commodities, oil and gas declined sharply after weekly domestic inventory figures showed a much stronger build in domestic inventories than investors had expected.

[R]5:30AM Wheat surges, while gold and silver fall sharply.[/R]

Most metals declined as investors showed more interest in areas such as grains and energy. Gold for August delivery shed $7.40 to $657.30 an ounce on the New York Mercantile Exchange. July silver lost 13.5 cents to $13.190 an ounce, while July platinum dived $2.40 to $1,296.10 an ounce. Copper prices advanced on concerns that labor strikes could disrupt production. Copper traded on Nymex gained 2.05 cents to $3.42 a pound.

Crude oil futures for July delivery lost 91 cents to $68.19 a barrel. July gasoline futures fell 1.01 cents to $2.2245 a gallon. Wheat resumed its advance from last week following two days of profit-taking on concerns about the health of the harvest. July wheat futures advanced 24 cents to settle at $6.05 a bushel on the Chicago Board of Trade. Corn for July delivery fell 1.75 cents to $3.9425 a bushel. Also on the CBOT, July soybeans rose 10 cents to $8.39 a bushel.

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