Wheat, corn prices lower; soybeans advance

December wheat on the Chicago Board of Trade dropped its maximum daily limit of 30 cents Tuesday to $8.41 per bushel on news of record crops in Pakistan that could reduce demand there for US crops.

Wheat prices were also lower as the US winter wheat crop looked to be largely in good shape even though there was flooding in some growing areas.

CBOT December corn was also lower, falling 3.5 cents to $3.61 per bushel as the US harvest was said to be ahead of schedule due to dry weather.

January soybeans were higher again on CBOT, adding 5.5 cents to $9.99 per bushel.

Crude oil prices dropped on Tuesday on the news that OPEC has increased output even ahead of its previously announced 500,000 barrel per day hike, which was scheduled to begin on 1 November.

In addition, there was some relief in the dispute between Turkey and Kurdish-controlled northern Iraq, a region that is home to a significant amount of oil production, as Turkey and Iraq both made pledges to work to avoid military action there.

West Texas Intermediate for December delivery dropped 75 cents to $85.27 per barrel on the New York Mercantile Exchange, while Brent crude fell 42 cents to $82.85 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline was down 2 cents to $2.11 per gallon, while December heating oil was 1 cent lower to $2.32 per gallon and December natural gas fell 6 cents to $7.47 per million British thermal units.

Precious metals prices were higher in New York on Tuesday.

Platinum was lower, with January platinum up $13.20 to $1,453 per troy ounce on tight supplies as mines remain closed in South Africa on a government order after a miner died in an accident.

Output from the closed mines has been cut by 1,300 ounces per day.

December gold was $3.10 higher to $763.10 per troy ounce after the US dollar declined against the euro again, while silver for December delivery gained 10 cents to $13.20 per troy ounce and December palladium added $1.25 to $366.40 per troy ounce.

Among base metals, December copper was up 3 cents to $3.51 per pound, while three-month copper on the London Metal Exchange added $35 to $7,795 per tonne as LME inventories added 425 tonnes on the session.

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