CBOT: July wheat flat at US$6.16/bushel; July corn up 8.5 cents to US$5.925/bushel; July soybeans fall 26.75 cents to US$14.0825/bushel

Andrew Rogers

Andrew Rogers

Jun 13, 2012 – Associated Press

CHICAGO , June 13, 2012 () –
Prices for beans and grains are mostly lower as rain finally arrives in crop-growing areas that have been parched by unusually dry weather.

July soybeans fell 26.75 cents to settle at $14.0825 a bushel Wednesday. July wheat was unchanged at $6.16 a bushel.

Rain has been coming in to various growing areas that need it such as Iowa, Illinois and Indiana, said Northstar Commodity trader Brandon Marshall. Those areas have had below-average rainfall for the past six weeks. The rain is alleviating worries that crop supplies will be tight.

"The weather has been the story over the past couple of days," Marshall said. "Everywhere is under."

July corn rose but other contracts fell. The July contract settled at $5.925 a bushel, up 8.5 cents, but the December contract settled at $5.105 a bushel, down 12 cents.

Metals prices were mixed.

Gold for August delivery rose $5.60 to end at $1,619.40 an ounce. July silver inched down 0.8 cent to $28.941 per ounce, July platinum rose $12.40 to $1,466.80 an ounce and September palladium fell 95 cents to $623.30 an ounce.

Copper for July delivery edged up 0.4 cent to $3.3395 a pound.

In energy trading, oil prices fell after the government reported slower retail sales and a drop in spending at gas stations. Benchmark crude lost 70 cents Wednesday to finish at $82.62 per barrel.

Heating oil fell 1.06 cent to $2.6109 per gallon, wholesale gasoline rose 0.52 cent to $2.6554 per gallon and natural gas fell 4.7 cents to finish at $2.185 per 1,000 cubic feet.

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