Wheat gains on overseas demand

AP News
Posted: May 23, 2013 4:02 PM

NEW YORK (AP) — The price of wheat is rising by the most in two weeks after a U.S. government report showed strong demand for the grain from overseas buyers.

Wheat for delivery in July rose 14.75 cents, or 2.1 percent, to $7.0325 a bushel, its biggest advance since May 9.

The U.S. Department of Agriculture on Thursday reported orders for a total of 953 tons of wheat in its weekly export sales report. That was more than traders and analysts had expected, boosting the outlook for demand.

In other agricultural products trading, soybeans and corn also rose Thursday.

Metals trading was mixed. Gold and silver rose, while copper, platinum and palladium fell.

Oil ended the day lower, dropping 55 cents, or 0.6 percent, to $96.16 a barrel.