U.S. wheat prices hit a seven-month high, a move that many analysts believe is a response to the Russian government’s interventions in the commodity’s markets.
Futures Market News
Several dollar-denominated commodities saw their prices drop to end the week.
Corn and soybean futures resumed recently-seen declines on Thursday as analysts speculated that a government report next week will see record crop yields grow even larger than expected.
Oil futures slid on Thursday for the fifth time in six days after OPEC reduced its expected price forecasts of oil, but some analysts noted that the decline was muted by positive factors in the market.
After hitting a four-year low, gold prices made back some ground on Thursday, but some analyst predictions fear that the floor for next year’s total prices may plummet further than initially expected.
The euro hit its lowest price point in two years on Thursday after ECB President Mario Draghi worked to diffuse complaints about the way he’s leading the bank.
Gold futures fell again on Wednesday, and the precious metal not only reached its lowest price point in four years but may fall further to the landmark $1,000 price point.
Oil futures stabilized somewhat on Wednesday, but are still mired in their lowest prices since the beginning of the decade.
The results of Election Day have led to some confidence in regards to the U.S. dollar, which hit a seven-year high against the yen on Wednesday.
Natural gas saw its sixth-straight day of gains and held strong above the $4 mark as concerns about impending freezing temperatures across regions of the United States drove interest.