Grains mixed; wheat hits trade limit again

The price of wheat for December delivery was up on the Chicago Board of Trade by its limit of 30 cents per bushel to $8.355 per bushel in late morning trade after Iraq, Egypt, and Taiwan each bought between 46,000 and 300,000 tons of the grain since yesterday.

With supplies decreasing, the purchases have been characterized by some analysts as panic buying.

Prices for other grains fell, however, with November soybeans down 3.75 cents to $9.04 per bushel and December corn falling 6.75 cents to $3.47 per bushel.

Crude oil prices were a bit higher Wednesday ahead of weekly US inventories figures from last week, delayed until Thursday because of the holiday Monday and after reports of refinery problems in Texas and Mississippi.

Brent crude for October delivery added 5 cents to $73.97 per barrel on the Intercontinental Exchange in London, while October contracts for West Texas Intermediate crude traded 70 cents higher to $75.78 per barrel on the New York Mercantile Exchange.

Nymex October gasoline was 1 cent higher to $2.00 per gallon, while October heating oil was up 2 cents to $2.10 per gallon and October natural gas had added 18 cents to $5.81 per million British thermal units.

Most metals prices were lower on Wednesday.

December gold dropped 60 cents in New York trade to $690.90 per troy ounce, while Decmeber silver fell 9 cents to $12.36 per troy ounce.

Platinum was higher in early trade on robust demand from the auto industry.

Among base metals, copper dropped 4 cents to $3.26 per pound in New York and London Metal Exchange prices for three-month copper fell $150 to $7,160 per tonne on continuing demand concerns.

Nickel was lower in London, falling $1,100 to $27,600 per tonne during the session, while lead and zinc also declined, dropping by $19 to $2,980 per tonne and by $70 to $2,880 per tonne respectively.

Aluminium held steady at $2,451 per tonne, while tin added $25 to $14,700 per tonne.

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