US wheat prices drop on reduced demand

March wheat on the Chicago Board of Trade dropped its daily limit of 30 cents on Friday to $8.85 per bushel on signs that demand is dropping.

Algeria, Egypt and India have all recently canceled orders for US wheat because its price is higher than that for wheat from other regions.

Kansas City Board of Trade wheat prices also dropped the full 30-cent limit to $9.14 per bushel, but prices there remain up 79 percent on the year.

Among other grains, March CBOT corn was down 2.75 cents to $4.51 per bushel while March CBOT soybeans were 8.5 cents lower to $12.23 per bushel.

West Texas Intermediate crude oil for February delivery dropped 57 cents to $96.05 per barrel at the end of the session after early gains, while February contracts for Brent crude fell 88 cents to $93.90 per barrel on the ICE Futures Europe exchange in London.

WTI remained 3 percent higher for the week, however.

Nymex January gasoline was nearly 4 cents lower to $2.46 per gallon after rising to a new record of $2.5175 per gallon earlier in the session

The price of March copper dropped 6 cents to $3.07 per pound in New York on Friday on demand concerns after the US Commerce Department reported that new home sales fell another 9 percent in November.

Precious metals prices climbed in New York.

February gold added $10.90 to $842.70 per troy ounce while March silver was up 8 cents to $14.90 per troy ounce and April platinum gained $2.90 to $1,539.50 per troy ounce.

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