Wheat prices fell over the past week despite a brief late surge on reports that drought-ravaged Russia plans to import the commodity, while oil futures extended losses on poor US economic data.
GRAINS AND SOYA: Wheat futures rallied on Thursday as a report said Russia was planning this year to return to the Soviet practice of importing millions of tonnes of grain to overcome a shortfall caused by a record drought.
For the 2010-2011 agricultural year, Russia could import at least 5 million tonnes of grain, a source close to the leadership of the ministry of agriculture told the Vedomosti daily.
Until the current drought, which has destroyed one-quarter of its crops, Russia was one of the world’s top grain exporters. In the last year, it was the world’s No. 3 exporter of wheat. Russian Prime Minister Vladimir Putin has banned Russian grain exports in a bid to keep the Russian domestic market well supplied with grain and prevent sharp rises in prices.
Wheat soared to US$8.68 a bushel (about 25kg) on Aug. 6 — the highest level for 24 months.
By Friday on the Chicago Board of Trade, wheat for delivery in December fell to US$7.13 a bushel from US$7.34 the previous week.
Maize for December rose to US$4.29 a bushel from US$4.27.
November-dated soyabean meal decreased to US$10.04 a bushel from US$10.44.
OIL: Prices fell further this week, hammered by a raft of poor economic data which sparked questions about the strength of the recovery in leading energy consumer the US.
Despite a positive start to the week, oil was hit hard on Thursday when gloomy data showed the number of Americans filing new weekly claims for jobless benefits jumped unexpectedly to 500,000, the highest level in nine months.
The mood was further dampened when the Federal Reserve of Philadelphia said manufacturing activity in the mid-Atlantic region has dropped this month.
By late on Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in September sank to US$73.81 a barrel from US$75.58 the previous week.
On London’s Intercontinental Exchange, Brent North Sea crude for October stood at US$74.62 compared with US$75.28 for the now-expired September contract.
PRECIOUS METALS: Gold prices reached seven-week highs, helped by the metal’s safe-haven status in times of economic unease.
By late on Friday on the London Bullion Market, gold advanced to US$1,223.50 an ounce from US$1,214.25 a week earlier.
Silver grew to US$18.14 an ounce from US$18.06.
On the London Platinum and Palladium Market, platinum fell to US$1,512 an ounce from US$1,527.
Palladium climbed to US$478 an ounce from US$473.
COFFEE: Coffee futures rallied close to 12-year highs on keen demand from speculators, traders said. Prices hit US$1.8150 a pound (0.45kg) in New York on Monday.
By Friday on the New York Board of Trade, Arabica for December stood at US$1.8090 a pound compared with US$1.7735 for September, which had been the most traded contract the previous week.
On London’s futures exchange, Robusta for delivery in November fell to US$1,760 a tonne from US$1,774.
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