Wheat prices advance on jump in US export sales

AP News
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Posted: Mar 07, 2013 5:28 PM

Wheat prices rose Thursday after weekly U.S. exports of the grain rose sharply.

The actively traded May contract rose 11.75 cents to $6.955 a bushel.

Mike Zuzolo, president of Global Commodity Analytics and Consulting, said the gain was driven by a jump in weekly U.S. export sales. The increase of 40 percent over the four-week average caught investors by surprise and brought buyers to the market, Zuzolo said.

Other agricultural commodities also rose, but not as much.

Corn for May delivery rose 2.75 cents to $6.9125 a bushel and May soybeans rose 7.5 cents to $14.735 a bushel.

In metals trading, palladium and platinum rose while other contracts were mixed.

Palladium for June delivery gained $19 to $759.05 an ounce. Platinum for April delivery rose $15.30 to $1,595.10 an ounce.

April gold edged up 20 cents to $1,575.10, May silver inched up half a cent to $28.8080 an ounce. Copper for May delivery rose 2.75 cents to $3.5205.

Crude oil rose the most in two weeks, jumping $1.13 to finish at $91.56 a barrel.

In other energy futures trading on the New York Mercantile Exchange, wholesale gasoline slipped 0.14 cent to $3.1233 a gallon, heating oil rose 0.39 cent to $2.9795 a gallon and natural gas rose 11.2 cents to $3.5820 per 1,000 cubic feet.