Wheat rises ahead of closely watched report

Associated Press |

Wheat prices rose to their highest level in two weeks Friday as traders prepared for the release of a closely watched U.S. crop report Monday.

September wheat rose nine cents, or 1.5 percent, to $5.94 a bushel. That's the highest price since June 10.

The Department of Agriculture will release its quarterly grain stocks report on Monday. The report is expected to show wheat stocks declined as well as a modest decline in the amount of acres of wheat being grown in the U.S.

Corn rose 4 cents, or 1 percent, to $4.47 a bushel and soybeans fell 16 cents, or 1 percent, to $12.28 a bushel ahead of the report.

In other commodities, oil fell 10 cents, or 0.1 percent, to $105.74 a barrel. Wholesale gasoline rose 1.3 cents to close at $3.07 a gallon, natural gas fell 1.1 cents close at $4.39 per 1,000 cubic feet and heating oil fell 1.6 cents to close at $3 a gallon.

In metals, gold rose $3, or 0.2 percent, to $1,320 an ounce. Silver fell three cents, or 0.1 percent, to $21.08 an ounce. Platinum rose $8.40, or 0.6 percent, to $1,478.50 an ounce and palladium rose $7.05, or 0.8 percent, to $842.85 an ounce.

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