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Wheat falls due to rain in southern Plains

The price of wheat fell Wednesday as rain in the southern U.S. Plains improved the prospects for next year's crop.

Farmers are planting wheat that will be harvested in the spring. Good soil moisture helps the crop develop before it goes dormant during the winter months.

"Soil moisture levels across much of the southern Plains are much better than they have been," said Todd Hultman, a grains analyst at DTN. "It's getting this year's crop off to a good start."

Wheat for December delivery fell 6.25 cents, or 0.9 percent, to $6.75 a bushel.

In other trading of agricultural products, corn fell 1.8 cents, or 0.4 percent, to $4.30 a bushel. Soybeans rose for the first time in five days. The price rose by 5.75 cents, or 0.5 percent, to $12.76 a bushel.

Major metals advanced.

December silver rose 49.1 cents, or 2.2 percent, to $22.98 an ounce. Gold for the same month gained $3.80, or 0.3 percent, to $1,349.30 an ounce. Cooper for December rose 4.75 cents, or 1.4 percent, to $3.33 a pound.

December palladium closed up $2.45, or 0.3 percent, to $749.50 an ounce. Platinum for January rose $18, or 1.2 percent, to $1,479.90 an ounce.

The price of oil fell more than $1 a barrel Wednesday as the U.S. government reported another big increase in crude oil supplies.

Benchmark U.S. crude for December delivery dropped $1.43, or 1.5 percent, to $96.77 a barrel.

In other energy futures trading, wholesale gasoline rose 4 cents to $2.65 a gallon. Heating oil rose 1.5 cent to $2.98 a gallon. Natural gas fell 1 cent to $3.62 per 1,000 cubic feet.

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