Here’s a quick look at some of the latest headlines in the commodity market:
Precious Metals:
- Gold edges higher: Gold prices rose slightly on Tuesday, buoyed by a weaker dollar. The dollar, which generally moves inversely to gold, retreated as investors adjusted their bets for Federal Reserve interest rate hikes. Spot gold rose 0.3% to $1,832.36 per ounce by 12:10 p.m. ET, while U.S. gold futures were up 0.3% at $1,831.80.
- Silver gains: Silver prices also advanced on Tuesday, as the weak dollar helped to boost demand for the precious metal. Spot silver rose 0.5% to $21.72 per ounce.
Energy:
Oil prices steady: Oil prices were little changed on Tuesday, as traders weighed concerns about a potential Middle East crisis against higher OPEC supply and recent Saudi price cuts. Brent crude, the international benchmark, settled up 0.1% at $84.12 per barrel. U.S. West Texas Intermediate (WTI) crude settled down 0.1% at $79.59 per barrel.
Agriculture:
- Corn and soybeans fall: Corn and soybean futures fell on Tuesday, as traders sold ahead of key U.S. Department of Agriculture (USDA) crop reports later this week. The USDA is expected to release its latest estimates for corn and soybean production and ending stocks on Thursday. December corn futures were down 4.8 cents at $6.42 per bushel, while November soybean futures were down 7.2 cents at $13.62 per bushel.
- Wheat gains: Wheat futures rose on Tuesday, as concerns about potential dry weather conditions in parts of the U.S. Plains supported prices. December wheat futures were up 9.5 cents at $8.52 per bushel.
