Wheat Prices Rise on Supply Worries; Oil Higher


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wheat.jpgWheat futures rose Monday as traders worried about tight supplies. Crude oil closed above $100 a barrel for the first time this year, and the price of natural gas fell sharply.

Wheat for March delivery rose 7.25 cents, or 1.3 percent, to settle at $5.8475 a bushel Monday.

Prices rose after the U.S. Department of Agriculture increased its export estimate for the crop and traders anticipated that Canada would have more difficulties bringing its wheat to market because of a rail car shortage, said Todd Hultman, a grain analyst at DTN in Omaha, Neb.

Corn and soybean futures ended slightly lower.

March corn fell a penny to $4.43 a bushel and March soybeans fell 6 cents to $13.26 a bushel.

In metals trading, gold rose $11.80 to $1,274.70 an ounce.

Silver for March rose 18 cents to $20.11 an ounce. Palladium for delivery in the same month edged up $7.95 to $716.75 an ounce. Platinum for April increased $6.70 to $1,385.90 an ounce.

Copper for March delivery fell a penny to $3.22 a pound.

Benchmark U.S. crude for March gained 18 cents to close at $100.06 a barrel on the New York Mercantile Exchange.

Wholesale gasoline fell 2 cents to $2.72 a gallon, while heating oil shed 5 cents to $2.99 a gallon.

Natural gas lost 20 cents to $4.58 per 1,000 cubic feet. Natural gas has dropped 17.6 percent since closing at a four-year high of $5.56 on Jan. 29.