Wheat Futures Climb

Wheat prices were rallying Thursday on news that exports of the grain had jumped 39% so far this season.

Benchmark contracts for wheat were ahead 3% at $7.82 a bushel in recent futures market action.

"We're in short supply of wheat around the world," says Don Roose, president of U.S. Commodities, West Des Moines, Iowa. "And so far higher prices haven't rationed our demand yet."

Unfavorable weather conditions in North and South America, as well as in Europe, are all aligning to reduce wheat crop yields in the 2007 to 2008 season, he says.

Elsewhere in the agricultural complex, cotton prices were higher by 1.8% at 58 cents a pound.

Shares of agricultural chemicals producer Agrium(AGU Quote - Cramer on AGU - Stock Picks) were drooping 0.9% in recent activity.

As for the metals complex, prices were generally softer. Copper contracts were off a penny at $3.34 a pound in recent action on the Comex division of the New York Mercantile Exchange. Silver prices were lower by 5 cents at $11.96 an ounce, while gold was edging down 80 cents to $674.60 an ounce.

In other metals news, U.S. platinum and palladium producer Stillwater Mining(SWC Quote - Cramer on SWC - Stock Picks) reports it has inked a new deal with one of its automobile manufacturing customers. Investors warmed to the news, sending the shares up 0.6% in recent action.

Platinum, and its sister metals palladium and rhodium, are used in making automobile catalytic converters.

Meanwhile, diversified miner Rio Tinto(RTP Quote - Cramer on RTP - Stock Picks) announced it had succeeded in syndicating a $40 billion loan to fund its takeover of Canada's Alcan(AL Quote - Cramer on AL - Stock Picks), despite problems in the wider credit markets.

Shares of Alcan were up 0.2%, while Rio Tinto was down 1%.