Wheat falls for a second day on supply concerns

AP News

11/12/2012 3:34:01 PM - AP News

Wheat prices are closing lower again because of the higher crop estimates released last week by the U.S. government.

December wheat fell 29 cents, or 3.2 percent, to settle at $8.58 a bushel. Corn and soybean prices fell by a similar amount.

The Department of Agriculture predicted in its monthly report Friday that 704 million bushels of wheat will be available in 2013, compared with 654 million in its October estimate.

In other commodities trading, oil fell modestly. Metals ended the day little changed. Copper rose the most, while silver fell. Trading was below average because of the Veterans' Day holiday in the U.S.