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Tuesday, Dec 27, 2011 9:09 PM UTC

Crop Prices Jump On Hot Weather In South America

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Topics: From the Wires,

Crop prices rose sharply Tuesday on worries that unusually dry weather in South America could cut global supplies.

Temperatures rose last week in South America and rains that fell over the weekend were lighter than had been expected. The dryness could leave corn plants there stunted because they are pollinating this time of year.

Traders are worried that lower exports from Brazil and Argentina could reduce world food supplies. Strong demand from livestock producers and ethanol makers has already drawn down global reserves of corn and soybeans.

Crop prices had been falling this winter on expectations that exports from the United Sates could help supply the global market. A hot summer didn’t damage the U.S. corn crop as severely as some traders had expected. But gains from the U.S. Farm Belt could be offset by losses in South America if dry weather there leads to lower crop yields.

January soybeans rose 37 cents Tuesday to $12.095 per bushel. March wheat rose 22.75 cents to finish at $6.4475 per bushel. March corn rose 13.75 cents to $6.3325 per bushel.

In other trading, Precious metals fell. Gold closed below $1,600 an ounce for the first time in a week.

Gold for February delivery fell $10.50 to end at $1,595.50 an ounce. March silver lost 34.4 cents to end at $29.74 an ounce.

Copper for March delivery fell 6.05 cents to $3.409 per pound. March palladium gained 35 cents to $666.60 an ounce. January platinum gained $4.40 to $1,433.90 an ounce.

Benchmark crude oil rose $1.66 to finish at $101.34 per barrel on the New York Mercantile Exchange. Heating oil gained 1.64 cents to end at $2.9159 per gallon, gasoline futures rose 0.29 cents to $2.681 per gallon and natural gas lost 0.2 cents to $3.112 per 1,000 cubic feet.

Christopher Leonard

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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