Wheat gains on improved demand

Wheat prices were higher Wednesday on improved demand on lower prices in the past week and after Iraq bought 300,000 metric tons for delivery by 31 May.

24 million tons have been sold since 1 June, compared to around 10.6 million tons during the same period last year.

December wheat on the Chicago Board of Trade added 7.5 cents to $8.53 per bushel.

There were concerns that planting is behind schedule with 58 percent of the wheat crop in the ground against a 66 percent average over five years, but others say the concerns are unfounded and farmers are just waiting to plant so that the crop will not be hurt by early-spring freezes.

Meanwhile, CBOT December corn was up 4.75 cents to $3.47 per bushel, while November soybeans jumped 18 cents to $9.68 bushel.

Crude oil prices were higher after Turkey threatened to attack Kurdish-controlled northern Iraq unless the United States stops attacks by Kurds in southeastern Turkey.

West Texas Intermediate crude November contracts added $1.05 to $81.31 per barrel at the close of trade on the New York Mercantile Exchange, while November-delivery Brent crude gained $1.06 to $78.55 on the Intercontinental Exchange in London.

Nymex November gasoline was 1 cent higher to $2.03 per gallon, while December heating oil traded even at $2.21 per gallon and November natural gas climbed 15 cents to $7.02 per million British thermal units.

Precious metals were higher as the US dollar dropped again in relation to the euro.

December gold was $2.90 higher to $746 per troy ounce in New York, while in London spot gold reached as high as $745.85 and later traded at around $740 per troy ounce, up from Tuesday’s final quote.

December silver added 9 cents to $13.67 per troy ounce in New York, while spot silver in London added 14 cents to $13.60 per troy ounce.

January platinum was up $18.40 to $1,398 per troy ounce on the session in New York.

Among base metals, copper prices gained ground as a miners’ strike in Peru ended and on the chance that the US economy will continue to expand and support demand for the metal.

December copper in New York added 8 cents to $3.69 per pound, while in London three-month copper was up 2.6 percent to $8,175 per tonne after trading as high as $8,225 per tonne earlier in the session.

Among other base metals, tin was 0.6 percent higher to $15,950 per tonne, while aluminium gained 1.8 percent $2,470 per tonne, nickel was up 1.9 percent to $31,500 per tonne and zinc jumped 2.4 percent to $3,470 per tonne.

Lead, however, fell 0.2 percent to $3,825 per tonne after rising to a new high at $3,885 per tonne.

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