Wheat prices climb 2.5 cents to US$6.12/bushel in Chicago trading May 7, as mild winter, rainfall bolster robust winter wheat crop, investors speculate overseas purchases could increase amid low U.S. prices; wheat prices down 6.2% in 2012
May 7, 2012
Wheat prices are climbing after mild weather and rainfall nourished a winter wheat crop that's on track to produce a bountiful harvest.
Wheat rose 2.5 cents Monday to finish at $6.12 per bushel. That's down about 6.2 percent for the year.
Prices for commodities like typically fall when supplies are bulging because investors figure there probably will be enough to meet demand. Global wheat supplies are ample as the U. S. winter wheat harvest is about to get under way.
Yet, some investors speculate that overseas buyers may become more interested in the U.S. wheat because the price remains one of the cheapest in the world.
In other trading, prices for oil, gold, silver, platinum and palladium are lower. Copper and natural gas are higher.
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