Energy, crop prices rise; other commodities mixed

AP News
Posted: Dec 21, 2011 4:06 PM
Energy, crop prices rise; other commodities mixed

Crop prices rose Wednesday. Crude oil ended higher on news of a surprise drop in oil supplies. Other commodities were mixed.

Wheat, corn and soybean prices all rose. Gold slipped, and crude oil rose $1.43 to end at $98.67 a barrel on the New York Mercantile Exchange.

U.S. crude inventories fell by 10.6 million barrels, the Energy Information Administration said. That was far more than the drop of 2.3 million barrels forecast by analysts on average, according to Platts, the energy information arm of McGraw-Hill.

In other trading, gold for February delivery lost $4 to end at $1,613.60 an ounce.

In March contracts, silver fell 28.7 cents to end at $29.249 an ounce, copper rose 2.5 cents to $3.3945 per pound and palladium increased $5.50 to $634.10 an ounce. January platinum ended down $1.20 at $1,431.70 an ounce.

In other energy trading, heating oil rose 5.93 cents to finish $2.9087 per gallon, and gasoline futures rose 4.12 cents to end at $2.6199 per gallon. Natural gas rose 2.7 cents to finish the day at $3.1550 per 1,000 cubic feet.

March wheat rose 9.25 cents to finish at $6.17 per bushel, March corn rose 9.5 cents to $6.165 per bushel and January soybeans rose 9.25 cents to $11.5375 per bushel.