Chicago, KC wheat prices fall on Argentina news

Wheat prices fell in Chicago and Kansas City on Tuesday when Argentina said that it will again allow exporters to register the grain for shipment out of the country after halting exports in December in an effort to keep domestic supplies in the country to cool food price inflation there.

March wheat on the Chicago Board of Trade dropped 19 cents to $9.44 per bushel after rising by its 30 cent daily limit earlier in the session, while March wheat on the Kansas City Board of Trade dropped 9.75 cents to $9.90 per bushel, also after gaining its limit in early trade.

CBOT March corn also dropped on the session, falling 1.25 cents to $5.01 per bushel but March soybeans added 13 cents to $12.67 per bushel.

Crude oil prices rose on Tuesday ahead of meetings of the US Federal Reserve and the Organization of Petroleum Exporting Countries, on anticipation of the weekly US inventories report due Wednesday, and on the news that a Texas refinery will reduce output for two and a half months beginning in February for maintenance work.

March contracts for West Texas Intermediate crude were 66 cents higher to $91.65 per barrel in New York while Brent crude for March delivery added 63 cents to $92.01 in London.

Nymex February gasoline added less than 1 cent to $2.32 per gallon and March heating oil added 2 cents to $2.54 per gallon but March natural gas dropped 10 cents to $7.95 per million British thermal units.

Gold and platinum were both saw declines after the state utility in South Africa said that some power will ber restored to mines there so that mines there can get back to work after five days of closures due to electricity shortages.

April gold in New York fell $1.70 to $931.10 per troy ounce, while April platinum fell $6.80 to $1,721.90 per troy ounce.

March silver, on the other hand, added 7 cents to $16.82 per troy ounce.

Among base metals, March copper added 11 cents to $3.30 per pound.

Australia and Kazakhstan said uranium production has increased in both countries, sending uranium oxide conctrate for immediate delivery lower to $78 per pound after trading at $84 per pound last week.

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