Wheat Prices Rise to Highest Level Since June

Wheat prices rose to their highest level in four months Friday, as traders reacted to reports of a disappointing harvest outlook from Argentina.

Wheat for December delivery rose 19.75 cents, or 2.9 percent, to $7.0575 a bushel Friday, the highest price since June.

The Argentinian Agricultural Ministry issued a forecast of 8.8 million metric tons of wheat production for the 2013-2014 harvest, according to news reports. That is sharply below USDA’s September forecast of 12 million metric tons for Argentinian wheat.

Argentina is the second-largest producer of wheat in the Southern Hemisphere, behind Australia.

In other agricultural commodities, December corn fell 1.5 cents, or 0.3 percent, to $4.415 a bushel. November soybeans fell two cents, or 0.2 percent, to $12.9125 a bushel.

Metals were mixed.

December gold fell $8.40, or 0.6 percent, to $1,314.60 an ounce. December silver fell 3.4 cents, or 0.2 percent, to $21.913 an ounce.

High-grade copper for December rose a fraction of a cent to $3.299 a pound. January palladium rose $2.85, or 0.4 percent, to $740.65 an ounce. Platinum for December delivery rose $2.90, or 0.2 percent, to $1,437.80 an ounce.