Wheat, corn, soybeans make a U-turn, head higher

AP News
Posted: Sep 19, 2012 5:29 PM
Wheat, corn, soybeans make a U-turn, head higher

Prices for crops like wheat, corn and soybeans are closing higher, a turnaround after falling for the first part of the week.

Prices for all three crops are up about 2 percent. They've rocketed higher for much of the summer, as traders worried that a crippling drought across the Midwest would destroy crop yields. But lately, prices have plateaued as the weather has improved and the yields so far have been better than first expected. Wednesday's move up appears to be another step as prices for the current crop level off.

Industrial metals like copper, palladium and platinum are higher, pushed up by signs that the U.S. housing market is improving. Oil prices dropped again on growing U.S. supplies and reports that Saudi Arabia plans to keep production up.