NEW YORK (AP) — Wheat prices are the highest they’ve been in four months as traders react to reports of a disappointing harvest outlook from Argentina.
Wheat for December delivery rose 19.75 cents, or 2.9 percent, to $7.0575 a bushel Friday, the highest price since June.
The Argentinian Agricultural Ministry issued a forecast of 8.8 million metric tons of wheat production for the 2013-2014 harvest, according to news reports. That is below USDA’s September forecast of 12 million metric tons.
In other commodities, December corn fell 1.5 cents, or 0.3 percent, to $4.415 a bushel. November soybeans fell two cents, 0.2 percent, $12.9125 a bushel.
In energy trading, November crude oil rose 14 cents, or 0.1 percent, to $100.81 a barrel.
December gold fell $8.40, or 0.6 percent, to $1,314.60 an ounce.
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