Wheat Falls Due to Rain in Southern Plains

NEW YORK (AP) -

The price of wheat fell Wednesday, as rain in the southern U.S. Plains improved the prospects for next year’s crop.

Farmers are planting wheat that will be harvested in the spring. Good soil moisture helps the crop develop before it goes dormant during the winter months.

“Soil moisture levels across much of the southern Plains are much better than they have been,” said Todd Hultman, a grains analyst at DTN. “It’s getting this year’s crop off to a good start.”

Wheat for December delivery fell 6.25 cents, or 0.9 percent, to $6.75 a bushel.

In other trading of agricultural products, corn fell 1.8 cents, or 0.4 percent, to $4.30 a bushel. Soybeans rose for the first time in five days. The price rose by 5.75 cents, or 0.5 percent, to $12.76 a bushel.

Major metals advanced.

December silver rose 49.1 cents, or 2.2 percent, to $22.98 an ounce. Gold for the same month gained $3.80, or 0.3 percent, to $1,349.30 an ounce. Cooper for December rose 4.75 cents, or 1.4 percent, to $3.33 a pound.

December palladium closed up $2.45, or 0.3 percent, to $749.50 an ounce. Platinum for January rose $18, or 1.2 percent, to $1,479.90 an ounce.