Wheat falls as weather outlook improves
Wheat prices fell for the first day in five after the weather improved in growing regions of the Great Plains.
Brandon Marshall, an analyst at Northstar Commodity in Minneapolis, said the Plains states were getting more moisture, improving the outlook for the crops there.
Wheat for May delivery fell 18 cents, or 2.5 percent, to $7.025 a bushel. Wheat had fallen for four straight days before that.
May corn also fell, losing 5.25 cents to $7.0325 a bushel.
Soybeans were the outlier among agricultural commodities. The May contract rose 18.5 cents to $14.62 a bushel.
Prices for oil and key industrial metals fell Monday, as investors worried over U.S. spending cuts and a potential slowdown in China.
Palladium for June delivery fell $5.95 to $714.45 per ounce. April platinum fell $7.30 to $1,566.20 per ounce.
Benchmark oil for April delivery fell 56 cents to $90.12 a barrel in New York, a U-turn after two months of steep increases. The national average for a gallon of gas fell to $3.75 a gallon from $3.78 Friday. Brent crude, used to price many kinds of oil imported by U.S. refineries, fell 31 cents to $110.09 a barrel in London.
Prices for oil and industrial metals help reflect how investors feel about the economy. They're used in manufacturing, transportation and other activities that drive growth, so when their prices fall, it often means that investors expect the economy to slow down.
Business Photo Galleriesview all
- 10457Oklahoma tornadoes: Cost, custom keep basements scarce
- 9286Oklahoma tornadoes: Plaza Towers Elementary School teacher shoved students into bathroom as wall collapsed
- 5848Downtown wish list includes Super Target
- 4983Oklahoma tornadoes: The 'Big Dog,' the little boy and the hug that triumphs over tragedy
- 4420Oklahoma City pastor will face trial in fatal shooting of son-in law
- 4301Oklahoma tornadoes: Price family recovering after some heavy blows
- 4216How to help tornado victims