This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

US Grain Futures Rise After Crop Damage

By The Associated Press

Agricultural commodities closed higher Wednesday after a cold snap in the southern U.S. damaged winter crops.

Wheat may be scarcer in the coming months because a hard freeze stretching from Tennessee to Texas killed some crops this week, analysts said.

"We did see some wheat damaged overnight," said Sterling Smith, who follows commodities as a vice president with Citibank Institutional Client Group. "The wheat was the spark that got things moving."

May wheat rose 5.25 cents to $7.3675 per bushel. Corn rose a nickel to $7.3525 per bushel. Soybeans added 6 cents to $14.5375 per bushel.

Trading has been relatively quiet this week ahead of a government report on grain stocks due out Thursday. The report will likely show corn supplies at a 15-year low, Smith said. Traders are bidding up grains because they expect demand to increase after the report is released.

Grain prices could fall Thursday if the report fails to meet traders' expectations for tight supplies, Smith said.

Energy commodities rose across the board on optimism about the U.S. economic recovery. Benchmark oil for May delivery rose 24 cents to close at a five-week high of $96.68 per barrel on the New York Mercantile Exchange. Oil has gained $4.13, or 4.4 percent, in the last four sessions.

In other energy futures trading on the Nymex: Wholesale gasoline rose less than a penny to $3.12 a gallon, heating oil rose 4 cents to $3.04 a gallon and natural gas advanced by 8 cents to $4.07 per 1,000 cubic feet.

Most metals closed higher. April gold rose $10.50 to $1,606.20 per ounce. April platinum rose $13.80 to $1,579.80 per ounce. June palladium added $6.90 to $768.30 per ounce. May copper gained a tenth of a cent to $3.4435 per pound.

Silver was the outlier. The May contract fell 6.7 cents to $28.612 per ounce.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs