Commodity Blog

Wheat rose today on speculation that dry weather in Western Europe and in countries near Black Sea would damage output. Wheat is heading for the sixth consecutive gain. September futures for wheat delivery gained $0.0115 (0.2 percent) to $5.3175 per bushel by 10:06 on CBoT.

Copper futures dropped in New York, paring previous gains, concerns resurfaced that slower economic growth would damp demand for the industrial metal. The International Monetary Fund stated yesterday that “recent global stability gains are threatened” by the European debt crisis. September futures for copper delivery slid $0.007 (0.2 percent) to $3.008 per pound as of 11:41 on COMEX.

Orange-juice futures dropped on forecast that production in Florida, the second-largest producer in the world, would be bigger than previously expected. The harvest, that ends this month, estimated to be 134 million boxes, compared to the June estimates of 133.6 million. September delivery for orange juice slipped $0.0765 (5.3 percent) to $1.3785 per pound by 13:00 on ICE.

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