Wheat also fell with other commodities on bad news from Europe. Bailout for Greece was postponed as Greek leaders rejected additional budget cuts that other members of the European Union demanded. Most traders were unprepared for such turn of events as it has looked almost certain that Greece would receive aid.

Wheat fell from $6.4575 to $6.2925 per bushel as of 20:40 GMT today on CBoT.
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Additionally, wheat was rising with other commodities on speculation that Greece is making progress in debt-reduction discussions. The European leaders agreed about sanctions on countries with high budget deficit.

Wheat price climbed from $6.4475 to $6.6625 per bushel as of 21:24 GMT today on CBoT after reaching $6.6750 — the highest since January 3.
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Wheat was also higher on dwindling Russian stocks. Inventories of some Russian regions declined by more than 50 percent, while other regions shipped almost all of their supplies as exports picked up. Wheat climbed from $6.4075 to $6.4650 per bushel on CBoT today.
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Earlier, the agricultural commodities were rising as adverse weather posed threat to crops in South America. Nevertheless, the estimates of the USDA showed that lower supply from the region will be mostly offset by production in other parts of the world.

Wheat slipped from $6.4125 to $6.0500 per bushel as of 23:47 GMT today on CBoT. Corn tumbled from $6.5125 to $6.1150 per bushel, while soybeans fell from $11.9775 to $11.7350 per bushel today.
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Wheat declined today on prospect for falling demand for the crop in the United States as well as for US exports in other countries. Algeria turned away from the USA to other exporters, Argentina among them perhaps, for supplying wheat. Analysts say that surging prices for the agricultural commodity is the main reason for slower demand. Wheat dropped from $6.4875 to $6.4500 per bushel on CBoT.
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Agricultural commodities, specifically corn, soybeans and wheat, haven’t joined the rally as the US Department of Agriculture boosted its forecast for the next year’s inventories. The outlook for the global stockpiles of corn was 4.6 percent higher than in the previous estimate, for soybeans 1.5 percent higher and for wheat 2.9 percent above the previous forecast.

January futures for delivery of crude oil advanced $1.07 to $99.41 per barrel on NYMEX, while Brent jumped from $107.78 to $108.68 per barrel today as of 21:48 GMT on ICE. Copper rallied from $3.4720 to $3.5560 per pound on COMEX. Corn fell from $5.8900 to $5.8500 per bushel, soybeans slumped from $11.3100 to $11.0575 and wheat traded near its opening price of $5.7675 after falling to $5.6775 today on CBoT.
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Corn was up from $5.8000 to $5.8575 per bushel on CBoT today, following the intraday drop to $5.7000 per bushel. Soybean price advanced from $11.2550 to $11.3000 per bushel today after falling earlier to $11.2025 per bushel.

Wheat was a different story as it declined on the forecast that the demand will decrease, while stockpiles will grow, yet the crop was also trying to erase its losses by the end of the trading session. Economists expect China to reduce its wheat import as the nation’s economy is slowing. Market forecasters predict that the report of the US Department of Agriculture on December 9 will show that the global wheat inventories rose 202.89 million tons, compared to the November estimate of 202.6 million tons.

Wheat closed at $5.9775 per bushel on CBoT down from the opening price of $6.0050, but significantly above the daily low of $5.8825.
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The Grain Industry Association of Western Australia predicted that output from Western Australia may double to 9.24 million metric tons, above the 9.12 million tons estimated last month. Rainy weather in Argentina may help accelerate planting. Oil World forecast that Argentine farmers will increase sowing 6.8 percent to 4.87 million hectares (12 million acres).

Growing production in the Southern Hemisphere added to increasing supply from Russia and Ukraine. As a result, demand for the US wheat shrank. US exports are expected to drop to 26.54 million tons in the 2011–12 season from 35.1 million tons a year ago, according to the Department of Agriculture.

Wheat spot price was near its opening level of $6.1625 per bushel as of 8:09 GMT on CBoT.
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The referendum, promised by Greek Prime Minister George Papandreou, threatened the stability of the Eurozone. Some of the European leaders even spoke about expelling Greece from the European Union. Now tensions receded, reinvigorating markets.

Economists expected the ECB to keep the interest rates unchanged today. Many market participants were concerned that the rates are too high for the strained economy of the EU. The central bank, lead by its new President Mario Draghi, surprised everyone by cutting the main minimum bid rate by 25 basis points to 1.25 percent.

Wheat was down yesterday as the record harvest boosted the global stockpiles. International Grains Council estimated that output will increase 5 percent to 684 million metric tons in the 12 months ending June 30, pushing inventories to the highest level in a decade. The supply expanded as major wheat exporters, such as Russia and Ukraine, resumed their shipments after the drought last year.

Wheat was up today from $6.2300 to $$6.3575 per bushel as of 22:27 GMT on CBoT, following yesterday’s decline from $6.2900 to $6.2225 per bushel. Spot price for Brent crude jumped today $109.11 to $110.83 per barrel today on ICE, rebounding from the daily low of $107.83 per barrel.
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At present, the main driver for markets is the situation in Europe. The European leaders were meeting on the weekend and then yesterday, but it’s still unclear what measures will be taken to resolve all the difficulties region has encountered. The absence of clear answer to the issue of Europe keeps traders in depressed mood. The Standard & Poor’s GSCI Index fell 1.8 percent.

Oil also fell after the US stockpiles of crude increased more than was forecast. US crude oil inventories increased by 4.7 million barrels 337.6 million barrels from the previous week, while the increase by 500,000 barrels was anticipated by analysts.

Brent crude oil traded at $109.97 per barrel today as of 00:44 GMT on ICE, following yesterday’s drop from $110.85 to $109.50 per barrel. Nickel declined from $1008.50 to $973.50 per kilogram on MCX before trading today at $972.20 per kilogram. Spot price for wheat was $6.2375 on CBoT today per bushel after it fell from $6.3650 to $6.1950 yesterday.
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The Standard & Poor’s GSCI Index slumped as much as 5.2 percent. Silver, copper and crude oil were the major contributors to the decline. The Thomson Reuters/Jefferies CRB Index of slid 4.4 percent to the lowest level in nine months.

December contract for delivery of corn slipped $0.3575 (5.2 percent) to $6.50 per bushel by 13:15 on CBoT, the biggest decline since October 1. November futures for delivery of soybean fell $0.375 (2.8 percent) to $12.83 per bushel, following the drop to $12.81, the lowest price since March 15. Futures for delivery of wheat in December dropped $0.33 (4.9 percent) to $6.3375 per bushel, the biggest fall since June 30.
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Gold futures today gained as concerns about the European sovereign-debt crisis strengthen. Greece’s budget deficit widened 22 percent over this year. German Chancellor Angela Merkel claimed she won’t let Greece to sink into “uncontrolled insolvency”, but such claims weren’t been able to convince many market participants. December futures for delivery of gold rose $16.80 (0.9 percent) to $1,830.10 per ounce by 14:01 on COMEX.
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