From The Associated Press
NEW YORK —
Wheat futures are ending lower as forecasters call for rain to come to drought-stricken Kansas. Crude oil is closing at its highest level in four months.
Wheat for March delivery settled down 12 cents to $7.7925 a bushel Tuesday.
Mike Zuzolo, president of Global Commodity Analytics and Consulting, said the rain would be “very welcome” to producers in the southern part of Kansas and Oklahoma still being affected by extreme drought.
Soybeans rose on forecasts for dry weather in southern Brazil and Argentina, which are major producers of the bean. The March contract rose 22.5 cents to $14.5175 a bushel.
Crude oil rose 68 cents to $96.24 a barrel on the New York Mercantile Exchange. Oil has risen nearly $3 a barrel over the last four days.