Wheat prices rise to highest level since June

(AP) Wheat prices rise to highest level since June
By The Associated Press
NEW YORK
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.