Grains prices see big declines in Chicago

Declines in the price of grains were at or near daily exchange-imposed limits on Wednesday as worries grew that the US is in or is about to enter a recession.

March soybeans on the Chicago Board of Trade dropped their limit of 50 cents to $11.89 per bushel.

CBOT March wheat was within a cent of its limit as it dropped 29 cents to $9.05 per bushel, while March corn fell to its limit of 20 cents before gaining back a quarter cent to drop 19.75 cents to $4.69 per bushel.

Precious metals prices were mixed.

February gold was down $7.50 to $882.80 per troy ounce in New York shortly before the floor sessions’ close, while March silver was dropped 14 cents to $15.97 per troy ounce in afternoon trade.

April platinum, however, added 50 cents to $1,559.10.

Meanwhile among base metals, March copper was down 12 cents to $3.07 per pound in New York while three-month copper was $160 lower to $6,860 per tonne, or $3.12 per pound, in London.

Crude oil prices were lower on continuing economic worries and ahead of a holiday-delayed US inventories report.

West Texas Intermediate for March delivery was $2.22 lower to $86.99 per barrel on the New York Mercantile Exchange, the lowest close for WTI in three months, while March contracts for Brent crude dropped $1.76 to $86.69 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline fell 3 cents to $2.25 per gallon and March heating oil was down 4 cents to $2.42 per gallon while March natural gas dropped 9 cents to $7.56 per million British thermal unit.

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