Wheat futures fell 19.75 cents--or 3%--to US$6.3975/bushel in Chicago trading March 27, as recent rainfall in crop-producing states makes traders more optimistic about this year's harvest

Andrew Rogers

Andrew Rogers

Mar 27, 2012 – Associated Press

NEW YORK , March 27, 2012 () – Wheat futures closed down 3 percent Tuesday as recent rainfall in crop-producing states makes traders more optimistic about this year's harvest.

Wheat for May delivery fell 19.75 cents to settle at $6.3975 a bushel. Corn and soybeans also fell, but not as much.

Crop conditions have been improving in key U.S. growing states such as Texas, Kansas and Oklahoma, said Brandon Marshall, a commodity trader with Northstar Commodity in Minneapolis.

Recent rains those states came at an important time for the wheat crop, Marshall said, just as the snow is melting and wheat is coming out of dormancy. A report on crop conditions that came out late Monday was better than the week before, Marshall said.

May corn fell 7 cents to $6.3075 a bushel. Soybeans fell 9.75 cents to $13.697 a bushel.

Metals and energy products were mostly lower.

Gold for April delivery fell 70 cents to $1,684.90 an ounce and May silver fell 13.4 cents to $32.616 per ounce.

May copper fell 0.75 cents to end at $3.88 per pound, April platinum increased $10.80 to $1,654.70 per ounce and June palladium fell $5.75 to $663 per ounce.

Benchmark U.S. crude oil gained 30 cents to $107.33 per barrel.

Natural gas futures fell 1.8 cents to $2.21 per 1,000 cubic feet, a 10-year low and half of what natural gas was fetching back in July. Oversupply and mild winter weather have contributed to the plunge.

Heating oil fell 1 cent to $3.22 per gallon and gasoline futures dropped 1.1 cents to $3.41 per gallon.

© 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025 795

+1 (310) 558 0008
+1 (310) 558 0080 (FAX)

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.