In energy trading on the Nymex, crude oil futures finished little changed near $63 a barrel as a government report showing U.S. oil refineries are accelerating gasoline production before the summer driving season offset a bigger-than-expected fall in gasoline inventories.
The front-month May light, sweet crude contract settled 3 cents higher at $63.13 a barrel.
Front-month May gasoline rose 2.75 cents, or 1.3 percent, to finish at $2.0833 a gallon, while May heating oil rose 0.88 cents, or 0.5 percent, to finish at $1.8066 a gallon.
Natural gas for May delivery settled 7.9 cents higher at $7.497 a million British thermal units.
On the Chicago Board of Trade, soybean futures sagged amid heavy fund selling, technical pressure and the unwinding of inter-commodity spreads, traders and analysts said.
May soybeans closed 8.5 cents lower at $7.1550 per bushel, July soybeans finished 9 cents lower at $7.3225 a bushel, and November soybeans closed 11 cents weaker at $7.5950 a bushel. May soy meal ended 90 cents weaker at $196.90 per short ton, and May soy oil closed 0.80 cents lower at 31.07 cents per pound.
Wheat futures settled mixed as late profit-taking dragged prices down from earlier gains, traders said.
CBOT May wheat closed 3 cents lower at $4.7450 per bushel, Kansas City Board of Trade May wheat ended a half-cent higher at $4.9250 a bushel, and Minneapolis Grain Exchange May wheat slipped 2.75 cents to $5.1150 a bushel.
Corn futures settled higher at the CBOT in most months, with the nearby contracts stronger as participants bought the nearby months and sold the deferred contracts, trimming their bear market spread positions, analysts said.
May corn gained 10.25 cents to close at $3.6350 per bushel, July corn rose 10 cents to $3.7525 a bushel, and December corn settled 2 cents higher to $3.8150 a bushel.
Source : www.agweekly.com
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