Spotlight: Commodity prices dropped on concern the U.S. is headed for a recession. Gold and platinum fell. Monsanto Co. said Japan, the Philippines and Taiwan have approved imports of its new genetically modified soybeans.
Energy: Crude oil fell more than $1 a barrel after a report showed that U.S. service industries contracted in January, a sign of a slowing economy and reduced energy demand. BP Plc, Europe's second-biggest oil company, posted a 53 percent jump in fourth-quarter profit and increased its dividend after production rose for the first time since 2005.
Agriculture: Wheat futures limit up in early trade yesterday on shrinking supplies of high-protein spring varieties from the U.S. and Canada, the two largest exporters. Wheat jumped 30 cents, or 3.1 percent, to $10.03 a bushel in Chicago. Corn and soybeans fell on speculation that declining energy costs will reduce demand for biofuels made from crops. Corn fell 1.25 cents, or 0.2 percent, to $5.0925 a bushel in Chicago. Soybeans fell 3 cents, or 0.2 percent, to $13.23 a bushel in Chicago.
Precious Metals: Gold futures fell to the lowest in more than a week after the dollar rose against the euro, eroding the appeal of the precious metal as an alternative investment. Gold tumbled $19.10, or 2.1 percent, to $890.30 an ounce in New York. Silver dropped 43.5 cents, or 2.6 percent, to $16.345 an ounce.
Industrial Metals: Copper dropped the most in almost two weeks after a report showed U.S. services industries unexpectedly shrank last month, renewing concern that the world's largest economy is slipping into a recession. LME copper for three-month fell $130 and settled at $7,130 a tonne.
(Source: Bloomberg)
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