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Wheat rally breaks as rains hit US over weekend
28.07.2010 10:53 "Agro Perspectiva" (Kyiv) —
Rains in the East and Midwest over the weekend have stalled a rally in wheat prices as hopes improve for the crop.
Wheat for September delivery fell 6.75 cents to settle at $5.895 a bushel Monday.
September corn fell 7.25 cents to $3.64 a bushel and soybeans for November delivery fell 15.5 cents to $9.66 a bushel.
Wheat prices had risen by more than $1 a bushel in July, and have jumped about 30 percent since the end of May. Monday’s pullback may wind up being just a bump in the road for wheat’s rally as severe drought conditions continue in the wheat-producing regions of Russia, Kazakhstan and the Ukraine, said John Sanow, an analyst with Telvent DTN in Omaha, Neb.
That drought has destroyed about 20 percent of the grain crop in Russia, the world’s No. 3 wheat exporter.
«The U. S. dry pockets have been mostly alleviated,» said Jason Ward, an analyst with Northstar Commodity in Minneapolis. There might have been too much rain in Iowa and Illinois, but for most of the grains-growing regions in the Midwest, this weekend’s storms provided «beneficial rain,» Ward said.
Industrial metals continued their gains as well after shipping company FedEx Corp. raised its yearly outlook, while new home sales last month were not as bad as analysts had expected.
More upbeat economic signals from Europe, including positive results on most of the 91 banks surveyed in «stress tests» by regulators, are also helping propel demand for metals used in industry.
Silver for September delivery edged up 9.9 cents to settle at $18.200 an ounce, while September palladium gained $8.25 to $475 an ounce, October platinum added $13 to settle at $1,555.80 an ounce and September copper continued to rally, gaining 3.8 cents to $3.2230 a pound.
But gold for August delivery fell $4.70 to settle at $1,183.10 an ounce.
Investors often buy gold as a safe-haven asset during uncertain economic times. When investors’ appetite for risk improves, they’ll typically move money into other kinds of commodities or stocks.
Benchmark crude for September delivery was unchanged to settle at $78.98 a barrel on the New York Mercantile Exchange, and natural gas rose 3.2 cents to settle at $4.612 per 1,000 cubic feet.
Heating oil for August delivery fell 0.79 cent to settle at $2.0426 a gallon, while August gasoline dropped 1.64 cents to settle at $2.1058 a gallon.
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