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Wheat plummets on forecast of supply increase

Published on NewsOK Modified: December 11, 2012 at 2:51 pm •  Published: December 11, 2012

Florida's orange production was estimated at 6.57 million tons. That's 5 percent less than the agency's October forecast and slightly less than this year's harvest. The government also has predicted a colder than normal winter in Florida which could affect the crop.

Orange juice futures for January delivery rose 4.55 cents to finish at $1.299 per pound.

Other commodities were mixed on expectations that the Federal Reserve may announce a revamped bond-buying plan Wednesday to maintain its support for the U.S. economy.

Gold for February delivery fell $4.80 to end at $1,709.60 an ounce and January platinum rose $16.70 to $1,640 per ounce.

In March contracts, silver fell 36 cents to $33.017 per ounce, copper fell 1.95 cents to $3.6865 per pound and palladium dropped $7.95 to $696.80 per ounce

Benchmark oil rose 23 cents to finish at $85.79 per barrel, heating oil rose 3.08 cents to $2.927 per gallon and wholesale gasoline rose 1.24 cents to $2.6105 per gallon. Natural gas fell 4.8 cents to $3.412 per 1,000 cubic feet.