NewsMine — economy — united-states — 2007-jun-jul — Viewing Item

Wheat prices hit record high { June 11 2007 } Original Source Link: (May no longer be active)    http://www.chron.com/disp/story.mpl/ap/business/4880006.html http://www.chron.com/disp/story.mpl/ap/business/4880006.html June 11, 2007, 3:15PM Wheat prices hit record highs on CBOT By LAUREN VILLAGRAN AP Business Writer © 2007 The Associated Press NEW YORK — Wheat prices surged to a record high for 2007 Monday as heavy rains threatened to damage an already tarnished crop. Elsewhere, the commodity markets engineered a recovery from Friday's sharp losses in industrial and precious metals and a more than $2 drop in crude oil prices. Gold, oil and copper climbed, while other agriculture futures logged sharp gains on the back of the wheat rally. While rain soaked Midwestern wheat fields on Monday, dry skies stifled the moisture-hungry eastern Corn Belt, sending corn prices above $4 a bushel. "The rain falling in the U.S. is falling in all the wrong places," said DTN market analyst Elaine Kub. Bullish traders also ran with a report from the U.S. Department of Agriculture on Monday in which the agency lowered its projections for winter wheat production this month and raised its export projections. Shortfalls in other producing nations will raise overseas demand for U.S. wheat, the USDA said. Wheat for July delivery jumped 28.4 cents to settle at $5.56 a bushel on the Chicago Board of Trade, after coming just a fraction of a penny within the exchange's maximum daily price swing of 30 cents. July corn climbed 14 cents to end at $3.96 a bushel, while December corn, which has the largest open interest, finished at $4.06 a bushel. Open interest refers to the number of futures contracts that haven't yet been exercised, expired or fulfilled by delivery. Tailing the others, soybeans for July delivery gained 8.4 cents to settle at $8.30 a bushel. In energy, crude oil prices bounced back from Friday's drop as light, sweet crude picked up $1.21 to close at $65.97 a barrel on the New York Mercantile Exchange. Gasoline futures ticked 2.42 cents higher to end at $2.1513 a gallon. Overseas, falling inventories of copper, lead, zinc and tin helped push industrial metals prices higher on the London Metal Exchange. "The market also got some support from steadier equity and bond markets, and shrugged off a further modest rise in the U.S. dollar," said BNP Paribas analyst David Thurtell, in a report. Ongoing concerns about potential strikes at copper mines in Chile and Mexico lifted copper prices, which settled almost 3 percent higher on the LME. Nymex copper for July delivery also rose, adding 9.85 cents to close at $3.356 a pound. Meanwhile, precious metals prices recovered from a nearly $15 tumble on Friday. August gold added $8.70 an ounce to settle at $659 on the Nymex, despite strength in the U.S. dollar and rising Treasury yields. UBS metals analyst Robin Bhar attributed the gains to support from a stronger industrial metals market and the return of traders holding long positions, or bets that prices will rise, following Friday's liquidation. Nymex silver for July rose 23.5 cents to close at $13.275 an ounce, while July platinum added $11.20 to end at $1,298 an ounce.

Bernanke warns of housing downturn woes { July 18 2007 } Bond yields see biggest jump in years { June 7 2007 } Company buybacks artificially inflate stocks { June 2007 } Dow plummets over 400 points { July 26 2007 } Dow shoots passed 14k then falls back { July 18 2007 } Economists say prices must go up { May 2007 } Fed rate fear based on higher bond yields { May 2007 } Florida and california have riskier real estate markets Housing foreclosures jumped 90 perc in year { May 2007 } Housing slump to weigh heavily economy { June 1 2007 } Miami condo glut pushes florida economy recession Most americans say economy is getting worse { June 19 2007 } Rising inflation fears slam stocks { May 2007 } Stocks plunge on mortgage bond conern { May 2007 } Trade gap hurt US economic growth { June 1 2007 } US cities moving to european model of rich center { June 2 2006 } Wheat prices hit record high { June 11 2007 } Files Listed: 17

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