Wheat prices struck two-year highs this week as major exporter Russia banned grain exports after a record drought and fires ravaged its crop.
Markets shook off news that the US economy shed more jobs than expected last month.
GRAINS AND SOYA: Wheat prices soared in the wake of the decision by Russia — the world’s third biggest exporter — to ban exports until the end of the year.
Wheat futures struck US$7.89 a bushel (about 25kg) on Friday in Chicago trading — the highest level since late 2008.
“Concerns on the impact of drought on Russian wheat production ... is dominating market focus,” Barclays Capital analyst Sudakshina Unnikrishnan said.
Russia has seen 10 million hectares of arable land destroyed in the heatwave and the government has warned grain production this year will be lower than annual domestic demand at 70 million to 75 million tonnes.
By Friday on the Chicago Board of Trade, wheat for delivery in September had jumped to US$7.69 a bushel from US$6.61 the previous week.
Maize for December rose to US$4.12 a bushel from US$4.06.
November-dated soyabean meal increased to US$10.30 from US$10.05.
OIL: Crude oil prices rose sharply to three-month highs above US$82, with sentiment boosted by soaring global stock markets, strong bank results and solid US economic data at the start of the week.
By late on Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in September had rallied to US$81.91 a barrel from US$77.67 the previous week.
On London’s Intercontinental Exchange, Brent North Sea crude for September jumped to US$81.30 compared with US$77.04.
PRECIOUS METALS: Prices advanced across the board.
By late on Friday on the London Bullion Market, gold advanced to US$1,207.75 an ounce from US$1,169. Silver rose to US$18.30 an ounce from US$17.66.
On the London Platinum and Palladium Market, platinum climbed to US$1,571 an ounce from US$1,555.
Palladium increased to US$491 an ounce from US$487.
BASE METALS: The price of tin topped US$20,000 a tonne for the first time since August 2008 — reaching a 23-month high of US$20,900.
By late on Friday on the London Metal Exchange, copper for delivery in three months jumped to US$7,421 a tonne from US$7,225.
Three-month aluminum rose to US$2,215 a tonne from US$2,134.
Three-month lead gained to US$2,198 a tonne from US$2,050.
Three-month tin was at US$20,600 a tonne from US$19,540.
COFFEE: Coffee futures dropped one week after striking a 12-year high in London on keen demand from speculative buyers.
By Friday on LIFFE — London’s futures exchange — Robusta for delivery in September stood at US$1,727 a tonne, down from US$1,810.
On the New York Board of Trade (NYBOT), Arabica for September fell to US$1.6925 a pound (0.45kg) from US$1.7875.
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