Wheat Prices Rise on Supply Worries


Wheat futures rose Monday as traders worried about tight supplies. Crude oil closed above $100 a barrel for the first time this year, and the price of natural gas fell sharply.

Wheat for March delivery rose 7.25 cents, or 1.3 percent, to settle at $5.8475 a bushel Monday.

Prices rose after the U.S. Department of Agriculture increased its export estimate for the crop and traders anticipated that Canada would have more difficulties bringing its wheat to market because of a rail car shortage, said Todd Hultman, a grain analyst at DTN in Omaha, Neb.

Corn and soybean futures ended slightly lower.

March corn fell a penny to $4.43 a bushel and March soybeans fell 6 cents to $13.26 a bushel.

In metals trading, gold rose $11.80 to $1,274.70 an ounce.

Silver for March rose 18 cents to $20.11 an ounce. Palladium for delivery in the same month edged up $7.95 to $716.75 an ounce. Platinum for April increased $6.70 to $1,385.90 an ounce.

Copper for March delivery fell a penny to $3.22 a pound.