Corn and soybean futures turn higher; metals mixed

 

The Associated Press

Corn and soybean futures ended higher Wednesday, reversing course after several weeks of losses. Metals and energy contracts are finishing mixed.

Corn for December delivery, the most actively traded contract, rose 5 cents, or 1.3 percent, to $3.87 a bushel.

The price of corn is still down sharply from its recent high of $5.22 a bushel on April 29 as traders expect a large U.S. crop this year thanks to favorable growing conditions.

Traders also expect a big crop for soybeans. Those bounced back 16 cents, or 1.4 percent, to $11.02 a bushel. Soybeans reached a recent high of $15.17 a bushel on May 22.

Wheat for September delivery edged up a quarter of a penny to $5.38 a bushel.

Metals closed mixed. August gold edged up $2.70 to $1,299.80 an ounce while September silver fell 11 cents to $20.78 an ounce.

Platinum for October delivery added 70 cents to $1,485.70 an ounce and palladium for September delivery rose $8.20 to $876.75 an ounce.

U.S. crude for August delivery rose $1.24 to close at $101.20 a barrel on the New York Mercantile Exchange.

Oil's gains were driven by a drop in U.S. crude inventories that was more than double what analysts had expected.

In other trading of energy contracts:

— Wholesale gasoline fell 1.6 cents to close at $2.883 a gallon.

— Natural gas rose 2.2 cents to close at $4.119 per 1,000 cubic feet.

— Heating oil rose 0.2 cent to close at $2.858 a gallon.

Read more Breaking News - Business stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category