Finance Markets

November 2, 2006

Corn prices rise in Chicago

Permalink: Corn prices rise in Chicago

Filed under: Commodities, Oil, Metals, Economy

Crude oil prices were lower again on Thursday despite new data from the Energy Information Administration which indicated that demand for gasoline, distillate fuel and jet fuel grew by an average annual rate of 2.2 percent in the four weeks ending October 27 over the same period in 2004. Last year’s figures were not used in the comparison due to disruptions following the severe hurricane season. Demand this year averaged over 15.5 million barrels per day. At the same time, imports of crude oil were down even though domestic production has decreased each year in the past three while demand has increased.

Brent crude for December delivery dropped 51 cents to $58.47 per barrel by late afternoon in New York, while West Texas Intermediate crude December contracts were 35 cents lower to $58.36 per barrel on the New York Mercantile Exchange.

In metals markets on Thursday, lead prices scored another record high on the London Metal Exchange, reaching $1,703.5 per tonne. Meanwhile, three-month copper traded in the $7,200/$7,220 per tonne range as stockpiles rose but remained at less than three days’ global consumption in LME warehouses. Aluminium added $26 to trade in the $2,756/$2,760 per tonne range.

December corn prices on the Chicago Board of Trade were up 16.5 cents to $3.50 per bushel in early afternoon trade after hitting $3.5350 per bushel earlier in the session, it’s highest price since September 1996. The spike in corn prices sent December wheat and soyabean futures higher on the CBOT as well. December soybeans added 13 cents to $6.58 per bushel, while wheat was 13.5 cents higher to $5.01 per bushel.



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