CBOT wheat hits new record before retreating

Prices for December wheat topped $8 per bushel for the first time on the Chicago Board of Trade Friday, going as high as $8.07 per bushel before falling back to $7.75 per bushel, a decline of 9 cents on the day on fears that recent gains could hurt demand and that farmers will plant more wheat to try to take advantage of the high prices.

Prices were also lower on the Kansas City Board of Trade, but November feed wheat was up £11 to a new record at £186 per tonne and milling wheat added €7.25 in Paris to €262 per tonne.

CBOT November soybeans were 2.5 cents lower to $8.825 per bushel, while December corn gained 0.25 cent to $3.40 per bushel.

Oil prices rose on fears of a new storm in the Gulf of Mexico, on reports of higher consumer spending and factory orders in July and in anticipation of a meeting of the Organization of Petroleum Exporting Countries next month.

Brent crude for October delivery added 76 cents to $72.66 per barrel on the Intercontinental Exchange in London, while October contracts for West Texas Intermediate crude were 68 cents higher to $74.04 per barrel on the New York Mercantile Exchange.

Nymex December gasoline gained 1 cent to $1.91 per gallon, while October heating oil was also up 1 cent, to $2.06 per gallon and October natural gas fell 15 cents to $5.49 per million British thermal units.

Metals prices were higher on Friday on hopes that rallying equities markets will support demand.

In New York, December gold added $8.00 to $681.90 per troy ounce for a gain of 0.6 percent over the week after the US dollar weakened versus the euro, falling to a three-week low before rebounding in relation to the shared currency.

December silver was up 27 cents to $12.23 per troy ounce, while October platinum gained $11.50 to $1,271.60 per troy ounce.

Among base metals, copper added 5 cents to $3.40 per pound in New York after new data showed that wages, consumer spending, and factor orders were all up in the United States in July, while three-month copper on the London Metal Exchange was 0.8 percent higher to $7,460 per tonne.

In other base metals, tin added 0.6 percent in London, but aluminium fell 0.1 percent to $2,530 per tonne.

Story link: CBOT wheat hits new record before retreating