Commodity Blog

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Palladium, Platinum & Soybeans Fall, Corn & Wheat Rise

May 6, 2010 at 0:00 by Vladimir Vyun

Palladium and platinum declined today on a speculation that investors will prefer gold as an alternative investment. Analysts say that traders will be shifting from the platinum-group metals toward gold. Immediate delivery for palladium fell $33.60 (6.5 percent) to $484.40 per ounce in London. Platinum dropped $44.40 (2.7 percent) to $1,624.60 per ounce.

Corn and wheat gained today on a speculation that crops in the U.S. and some other parts of the world will be damaged by an adverse weather. Low temperatures may harm crops in the U.S., while dryness may impede a growth of the crops in some parts of China, Australia, Canada and Russia. July futures for corn delivery gained $0.04 (1.1 percent) to $3.73 per bushel on the Chicago Board of Trade. July wheat futures added $0.0125 (0.2 percent) to $5.12 per bushel on CBoT.

Soybeans dropped today on a concern that a demand for the commodity may be reduced as the global economic recovery can be slowed by the persisting fiscal problems in Greece. As Greece’s budget deficit crisis threatens to spread across whole Europe markets are suffering. July futures for soybean delivery fell $0.09 (0.9 percent) to $9.78 per bushel on CBoT.

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