Wheat drops on lower demand forecast
Wheat drops on government forecast of lower demand from China; Corn futures also fall
Associated Press
2014-04-10 03:42 AM

NEW YORK (AP) -- Wheat prices are falling after the government raised its forecast for year-end supplies, citing a drop in demand from China.

In a monthly report published Wednesday, the U.S. Department of Agriculture raised its forecast for this year's ending stocks of wheat globally to 186.68 million metric tons from 183.81 million tons in March.

Wheat for May delivery fell 12 cents, or 1.8 percent, to $6.69 a bushel.

In other trading of agricultural products, corn edged lower and soybeans rose.

Most metals fell.

Gold, silver, copper and platinum all fell. Palladium rose.

In energy trading, the price of oil climbed above $103 a barrel, supported by renewed unrest in eastern Ukraine and a lowered domestic production forecast from the U.S. Energy Department.

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