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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Gold rallied today, capping the biggest monthly advance since November 2009, as the minutes of the Federal Open Market Committee, released yesterday, showed that most policy makers voted for keeping interest rates extremely low till mid-2013. Three Committee members agreed about necessity to keep rates low for some time, but perhaps for shorter period than proposed by majority. The minutes spurred talks that the Federal Reserve would introduce additional stimulus for the US economy. More stimulus means cheaper dollar and higher gold prices, therefore traders, who expect additional round of quantitative easing, were buying gold. December contract for delivery of gold advanced $1.90 (0.1 percent) to $1,831.70 as of 13:56 on COMEX.
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Yet some analysts are rather pessimistic about soybeans prices. They insist that even with increasing Chinese import supply may exceed demand. World production increased 40 million tons (20 percent) this year, partly because of record harvests in Brazil and Argentina. The contract for May delivery traded at $9.6050 per bushel in Chicago today. Soybean futures fell 8.4 percent this year.
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Copper prices slipped after the dollar gained, diminishing the demand for most metals as an inflation hedge. Prices also fell on concern that demand from China, the largest consumer of the metal in the world, will wane on increasing interest rates. May futures for copper delivery slipped $0.0225 (0.7 percent) to $3.3955 per pound in New York.

Prices for cotton may rise as China, the largest cotton importer, may increase purchases of the fiber 30 percent in 2010. Analysts say that imports may total more than 2 million metric tons, compared 1.53 million tons in the previous year. May delivery for cotton rose 0.3 percent to $0.8137 per pound on ICE.
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Crude oil dropped amid falling confidence among U.S. consumers today. Earlier oil prices rose after retail sales went up 0.3 percent. Analysts forecasted that retails purchases will decline 0.2 percent. April delivery for crude oil slid $1.32 (1.6 percent) to $80.79 per barrel by 12:02 on the New York Mercantile Exchange.
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Corn advanced on speculation that excessive rainfall may harm crops in Argentina. Price is supported by combination of a falling dollar, adverse weather and improving world stock markets, as well as by farmers, who are holding crops for higher prices. May futures for corn delivery jumped $0.0525 (1.4 percent) to $3.8675 per bushel in Chicago.

Gold may rise to $1,162 per ounce, according to technical analysis, in case prices hold above $1,135 level. The precious metal advanced 3.6 percent this year. Gold traded at $1,136.45 by 10:44 in London.
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Wheat, soybeans and corn dropped in Chicago after the dollar gained, making purchases of U.S. crops unprofitable for traders, who are using other currencies. May delivery for wheat lost 1.3 percent to $4.9325 per bushel on CBoT by 12:34. Argentina, the third biggest soybean exporter in the world, may produce more soybeans than previously predicted record 52 million tons with the aid of rains. May delivery for soybeans declined 0.7 percent to $9.575 per bushel. Corn planting is expected to increase from 86.5 million acres last year to 89 million this year. May delivery for corn fell 0.7 percent to $3.6625 per bushel.
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Wheat prices went down in Chicago as oversees buyers moved to cheaper supplies. U.S. grain was considered overpriced as wheat from Russia, France and Kazakhstan was sold to Egypt for $174.90 per metric ton, while U.S. wheat was priced at $184.91 per ton. March futures for wheat delivery dropped $0.025 (0.5 percent) to $4.7325 per bushel on CBoT.
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Wheat futures tumbled in Chicago on forecast that dollar will advance, curbing the demand for U.S. grain as an alternative investment. The dollar rose 0.5 percent versus a basket of six major currencies today, the first gain this week. Some speculators may begin selling commodities which they purchased when dollar was weak. March futures for wheat delivery subtracted $0.0875 (1.8 percent) to $4.785 per bushel as of 9:59 on CBoT.
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Wheat futures gained in Chicago on forecast that supplies may decline because farmers in the U.S. cut selling after prices dropped last month to the lowest level since June. Prices are also aided by expectation of rising demand for U.S. wheat. March futures for wheat delivery went up $0.125 (2.6 percent) to $4.8725 per bushel on CBoT.

Cotton prices rose, ending the longest decline since September 2008, on outlook for improving demand in China, the biggest buyer of the fiber in the world. The area planted with cotton may decrease by 4.9 percent and reductions in the crop supply may cause Chinese textile producers to increase imports. March futures for cotton delivery gained $0.0104 (1.5 percent) to $0.6926 per pound on ICE.
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Wheat futures tumbled in Chicago on speculation that growing global stockpiles will surpass demand for the grain. Analyst predict that global inventories may jump 19 percent to 195.6 million metric tons by the end of the marketing year on May 31st. Consumption is predicted to increase 0.7 percent to 644.5 million tons. December futures for wheat delivery dropped $0.0025 to $4.9825 per bushel on CBoT.
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Corn slid and soybeans went down as the dollar gained, curbing the attractiveness of commodities as an alternative investment. Analysts says that the strong dollar “is encouraging some speculators to reduce long positions”. March futures for corn delivery went down $0.055 (1.4 percent) to $3.945 per bushel as of 10:32 on CBT. March futures for soybean delivery slid $0.1075 (1.1 percent) to $9.9775 per bushel in Chicago.

Crude oil rose as the dollar dropped and on speculation about global economic restoration. A rising dollar cut demand for commodities as an alternative investment. February delivery for crude oil gained $0.62 (0.8 percent) to $74.34 per barrel by 13:13 on the New York Mercantile Exchange.
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