Grains prices up on lower surplus estimates in US

Corn prices on the Chicago Board of Trade were up by their 20 cent limit on Friday after the US government cut its estimate of surpluses by 20 percent as demand for the grain in the manufacture of ethanol and livestock feed soared.

March CBOT corn added 20 cents to $4.95 per bushel.

Other grains prices were also higher, with March CBOT soybeans 38.5 cents higher to $12.99 per bushel and March wheat gaining 26 cents to $9.09 per bushel.

In addition, May and July CBOT wheat futures were up by their 30 cent daily limit to $9.22 per bushel and $8.06 per bushel respectively.

Crude oil prices were lower on Friday as concerns continued that consumption will be hurt as the global economy slows.

Prices were higher early on reports that Nigerian extremists bombed an oil tanker, but by near the close of floor trade West Texas Intermediate crude for February delivery was down $1.21 to $92.50 per on the New York Mercantile Exchange.

Nymex February gasoline dropped 4 cents to $2.32 per gallon near the close, while February heating oil was down 1 cent to $2.54 per gallon and March natural gas fell 3 cents to $8.16 per million British thermal units.

Among precious metals, February gold added $4.10 to $897.70 per troy ounce by the end of floor trade and was as high as $900.10 per troy ounce during the morning session.

It was up on a weaker dollar, gaining $32 over the week.

March silver was 10 cents higher to $16.38 per troy ounce while April platinum advanced to $1,568.20 per troy ounce and March platinum gained just over 2 cents to $381.30 per troy ounce.

March copper traded up 2 cents to $3.30 per pound about half an hour before the close of floor trade in New York.

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