Wheat gains on overseas demandMay 23, 2013 @ 2:47 pm
NEW YORK (AP) - The price of wheat rose by the most in two weeks Thursday after the U.S. government reported strong demand for the grain from overseas buyers.
Wheat for delivery in July rose 14.75 cents, or 2.1 percent, to $7.0325 a bushel, its biggest advance since May 9.
The U.S. Department of Agriculture said in its weekly export sales report Thursday that overseas buyers had placed orders for 953,000 tons of wheat. That was more than traders and analysts had expected, boosting the outlook for demand.
The report "gave the market a little hope that maybe there's international interest for U.S. wheat," said Todd Hultman, a grains analyst at DTN.
In other agricultural products trading, soybeans and corn also rose.
Soybeans for July rose 5.25 cents, or 0.4 percent, to $14.995 a bushel. Corn for delivery in the same month gained 3.5 cents, or 0.5 percent, to $6.62 a bushel.
Trading in metals was mixed.
Gold for June delivery rose $24.40, or 1.8 percent, to $1,391.80 an ounce. Silver for July advanced 3.6 cents, or 0.2 percent, to $22.5080 an ounce.
July copper fell 7.65 cents, or 2.3 percent, to 3.3040 per pound and platinum for the same month declined $12, or 0.8 percent, to $1,457.20 an ounce. Palladium dropped $13.50, or 1.8 percent, to $738.65 an ounce.
In energy trading, crude oil for July delivery fell 3 cents to $94.25 a barrel.
Heating oil for July fell 1.2 cents, or 0.4 percent, to $2.8565 a gallon. Wholesale gasoline for July rose 0.59 cents, or 0.2 percent, to $2.8181 a gallon.
Natural gas for June delivery rose 7.5 cents, or 1.8 percent, to $4.2610 per 1,000 cubic feet.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Investigators, engineers, and lawmakers seek answers to fixing I-5 after bridge collapse
"I hit the brakes and we went off"
Washington has an unfortunate history of bridge disasters
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.