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News Summary: Wheat drops on supply forecast

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The Associated Press | December 11, 2012 03:52 PM EST | AP


BULKED UP GRAINS: The price of wheat fell 3.2 percent after the U.S. Agriculture Department predicted stockpiles will increase by the end of next year's growing season in part because of weaker export demand.

OJ BOOST: Orange juice futures jumped 3.6 percent after the agriculture agency cut its production forecast for the upcoming year. The government also has predicted a colder than normal winter in Florida which could affect the crop during the growing season.

MIXED BAG: Prices rose for oil, gasoline, platinum and cotton. Gold, silver, corn and soybeans dropped.