Wheat gains on forecast for more cold weatherFebruary 24, 2014 @ 2:14 pm
(AP) - Wheat rose on concern that the latest blast of cold weather in the Midwest will damage this year's crop.
The price of wheat for May delivery rose 11.50 cents, or 1.9 percent, to $6.17 a bushel on Monday, close to a three-month high.
Wheat has gained 11 percent this month, in part on concern that the harsh winter will harm wheat seedlings in states such as Kansas, Illinois and Indiana.
"A lack of snow cover in those areas, with sharply dropping temperatures in the next five to six days, could present a winter-kill problem," said Mike Zuzolo, president of Global Commodities Analytics and Consulting LLC.
In other trading of agricultural products, coffee also gained, climbing to its highest level since October 2012. The price of coffee has jumped 60 percent this year as dry weather in Brazil threatens to damage the crop.
Soybeans for May delivery climbed 14.75 cents, or 1.1 percent, to $13.75 a bushel. Corn for the same month fell 1.25 cents, or 0.3 percent, to $4.58 a bushel.
Most metals rose.
Gold for April delivery rose $14.40, or 1.1 percent, to $1,338 an ounce. Silver for March delivery climbed 26.9 cents, or 1.2 percent, to $22.05 an ounce. Copper for the same month fell 2 cents, or 0.6 percent, to $3.27 a pound.
Platinum for April delivery rose $13.50, or 0.9 percent, to $1,441.40. Palladium for March gained $3.05, or 0.4 percent, to $743.05 an ounce.
In energy trading, the price of oil rose 62 cents, or 0.6 percent, to $102.82 a barrel.
Wholesale gasoline for April delivery was flat at $3.01 per gallon. Heating oil for April rose 1 cent to $3.05 a gallon and natural gas for the same month fell 6.9 cents, or 11.2 percent, to $5.45 per 1,000 cubic feet.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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