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Wheat Rises with Dry Weather; Gold Expected to Rally

August 30, 2010 at 19:35 by Vladimir Vyun

Wheat prices hit the highest level in a week today on an outlook for reduced output from Argentina and Russia because of drought. Global inventories may decline 9.9 percent to 174.8 million metric tons. December futures for wheat delivery gained $0.215 (3.1 percent) to $7.165 per bushel as of 11:21 on CBoT. Concerns about adverse weather boosted wheat futures, causing them to rise 45 percent since the end of June.

Gold fluctuated today, but expected to resume its rally as faltering economic recovery and declining US equities increased demand for the metal as a safe haven. US stocks dropped after a government report showed that personal income rose less than predicted. The gross domestic product rose 1.6 percent in the second quarter of 2010, less than estimated in the previous month. December futures for gold delivery slid $0.5 to $1,237.40 per ounce by 11:25 on COMEX. Gold prices advanced 13 percent this year, touching the record level of $1,266.50 per ounce in June.

If you have any questions and comments on the commodities today, use the form below to reply.

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