Grains prices topple on CBOT

Wheat dropped by its maximum allowed amount on both the Chicago and Kansas City Boards of Trade on Tuesday on the possibility that farmers will plant more wheat to try and take advantage of recent record price increases.

CBOT December wheat was 30 cents lower, its allowable limit, to $9.225 per bushel, while it was down to $9.1925 per bushel in Kansas City.

December corn on CBOT was also down by its maximum of 40 cents to $3.4875 per bushel, while CBOT November soybeans was down by nearly its limit of 50 cents when it fell 47.75 cents to $9.4375 per bushel

Precious metals prices were lower after the US dollar gained as much as 0.6 percent in relation to the euro on the session.

December gold dropped $17.80 to $736.30 per troy ounce in New York, while silver for December delivery fell 41 cents to $13.45 per troy ounce.

January platinum plummeted $46.20 to $1,355 per troy ounce on the New York Mercantile Exchange, its biggest one-day decline in almost a year, and December palladium was down $8.90 to $353.60 per troy ounce.

December copper added 2 cents to $3.71 per pound in New York, while three-month copper on the London Metal Exchange added $50 to $8,160 per tonne, or $3.70 per pound.

The declines in copper came as workers at Southern Copper’s mines in Peru walked off the job over a wage dispute and as the International Copper Study Group cut its estimate of how much of a supply surplus there will be this year by 171,000 tonnes to 111,000 tonnes.

November contracts for West Texas Intermediate crude oil dropped 24 cents to $80 per barrel on the New York Mercantile Exchange, while Brent crude for November delivery was 31 cents lower to $77.32 per barrel on the Intercontinental Exchange in London.

Nymex November gasoline contracts traded even at $1.98 per gallon, while November heating oil dropped 2 cents to $2.16 per gallon.

November natural gas added 38 cents to $7.43 per million British thermal units.

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