Corn prices jumped again Friday, driven higher by worries about hot, dry weather in the Midwest.
December contracts for corn
jumped 8 cents, or 1.1 percent, to $7.4025 per bushel. That followed a 4
percent increase the day before, and is the highest price in about 11
Corn crops are shrinking
because of low rainfall levels in Western states, which is crimping
supply and sending up the price. In a note to clients, Jack Scoville of
the Price Futures Group predicted that analysts will continue to cut
their predictions for crop yields.
"Demand has not been
strong, and there have been reports that ethanol producers are shutting
some plants as corn is hard to find and as prices are very (much) higher
for what can be found," Scoville wrote.
The hot weather is also
hurting soybean crops. November soybeans rose 23.5 cents, or 1.5
percent, to $15.525 per bushel. September wheat was basically flat,
rising 1 penny to $8.4775 per bushel. That followed a gain of 20.5 cents
the day before.
China said its economy grew
as expected in the second quarter. China is the world's second-largest
oil consumer behind the U.S., so it has a direct impact on oil prices,
as well as copper and other industrial metals that are used for
manufacturing and construction. Copper and oil both rose.
Building tension over the
nuclear program in Iran, a major oil producer, also appeared to
contribute to the increase in oil prices.
Benchmark U.S. crude rose
$1.02 to $87.10 per barrel in New York, while Brent crude increased 35
cents to $101.42 per barrel in London.
In other futures trading,
heating oil rose 1.49 cents to $2.7882 per gallon and wholesale gas
added a penny to $2.8161 per gallon. Natural gas was unchanged, ending
at $2.874 per 1,000 cubic feet
Metals were also up.
September copper rose 8.9
cents to $3.504 per pound. October platinum rose $22.70 to $1,435.20 per
ounce. September palladium rose $10.85 to $585.65 per ounce. September
silver rose 20.8 cents to $27.369 per ounce. August gold rose $26.70 to
$1,592 per ounce.
Sunday, May 12 2013 10:54 PM EDT2013-05-13 02:54:09 GMT
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