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Power Hour: Wheat Heads for Longest Rally Since July

March 14, 2013

March 14 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities advanced 0.3 percent to 648.86 by 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials rose 0.2 percent to 1,549.75.

 

GRAINS, OILSEEDS

Wheat futures rose, heading for the longest rally in seven months, after a government report showed higher overseas demand for U.S. supplies. Corn also climbed, while soybeans declined.

Wheat futures for May delivery rose 1.6 percent to $7.2125 a bushel on the Chicago Board of Trade. Prices are heading for a sixth straight day of gains, which would be the longest rally since July 20.

Corn futures for May delivery rose 0.5 percent to $7.1375 a bushel on the CBOT.

Soybeans futures dropped 0.9 percent to $14.3425 a bushel in Chicago. Prices earlier reached $14.325, the lowest for a most-active contract since Feb. 27.

 

Grains markets: NI GRMKTS

 

PRECIOUS METALS

Gold traded near a two-week high as U.S. data showing a strengthening economy damped demand for haven assets.

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