Summary Box: Wheat falls on stockpile forecast

AP News
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Posted: Feb 09, 2012 3:54 PM
Summary Box: Wheat falls on stockpile forecast

WHEAT DROPS: Wheat fell after the government predicted global supplies would total a record 213.1 million metric tons at the end of June. The price has risen on speculation that inventories would tighten because of potential crop damage due to freezing weather in parts of Europe.

GAINS ON GREECE: Most commodity prices were higher after Greece announced an agreement to make the cost cuts it needs to avoid defaulting on its debt. Investors were hopeful that the development eventually could strengthen commodities demand.

MIXED BAG: Prices for oil, gasoline futures, gold, silver and copper were higher. Platinum, palladium, corn and soybeans fell.