Wheat falls after genetically modified grain found

The Associated Press

The price of wheat is ending lower after genetically modified wheat was found in a field in Oregon.

No genetically engineered wheat has been approved for U.S. farming by the United States Department of Agriculture. The discovery of the grain in an Oregon field, which wasn't designated for sale, caused traders to worry that more of the unapproved grain might be found.

Wheat for July delivery fell 4 cents to $6.9875 a bushel.

Art Liming, futures specialist at Citigroup in Chicago, said the discovery got traders worried that more unapproved genetically modified wheat might turn up in the U.S. and prompt buyers to look elsewhere for the grain. Liming said a Japanese order for wheat was canceled after the discovery.

"If they find it has gotten into the export pipeline, it's a big deal. If it's this one isolated incident, fine," Liming said. "It makes people edgy."

Other crop futures also fell. Corn lost 10.75 cents to $6.5425 a bushel and soybeans fell 6 cents to $14.9575.

Metals prices rose. Gold ended up $20.20 at $1,411.50 an ounce. Silver rose 23.7 cents to $22.69 an ounce.

July platinum rose $29.70 to $1,482.70 an ounce, June palladium rose $10.20 to $758 an ounce and July copper rose 1.85 cents to $3.3155 a pound.

Energy prices were mixed. Crude oil ended up 48 cents to $93.61 a barrel.

In other energy trading, wholesale gasoline rose 1 cent to $2.81 a gallon, heating oil fell 3 cents to $2.84 per gallon and natural gas shed 16 cents to $4.02 per 1,000 cubic feet.