Grains futures give back some gains day after huge wheat rally; energy prices tank
By APFriday, August 6, 2010
Grains futures give back some gains; energy tanks
NEW YORK — Grains prices are giving back some gains a day after Russia’s decision to ban wheat exports sent wheat prices to the highest level in two years.
Energy futures are also tanking Friday after a disappointing report on jobs underscored how weak the U.S. labor market is.
Gold, which traders use as a safe haven asset, closed above $1,200 for the first time since mid-July.
The rally in wheat Thursday also helped drive up prices for corn, oats and soybeans. Prices for all the grains have increased substantially this summer.
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