Agriculture futures declined early Wednesday on the Chicago Board of Trade, with soybeans prices sinking after the Agriculture Department said farmers will plant a record crop this year.
The head of Peru s influential mining chamber urged the government s tax agency to clear the air about allegations, brought by labor unions, that companies underreported profits during the 2006-2008 commodities boom.
Oil and gas stocks ticked slightly higher at the open Wednesday, led by gains in the oil services sector and a $1 pop in crude oil prices. The Philadelphia Oil Service Sector Index was up 0.9% at 205.5 points, with offshore rig owner Transocean leading percentage gainers on a 2% rise to $84.75 a share.
Shares in crude oil and petroleum transporter Scorpio Tankers Inc opened 1.9 percent below their initial public offering price on Wednesday and traded down.
The Energy Department will likely report a 2.65 million-barrel build in crude oil reserves on Wednesday for the week ended March 26, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Macarthur Coal of Australia said Wednesday that it rejected a $3 billion bid by Peabody Energy, citing rising demand for coal as it tried to stave off the latest attempt by a foreign firm to invest in Australian energy reserves.
Oil futures rise for a third session on Wednesday, trading just below $83 a barrel, as a smaller-than-expected build in crude inventories and the U.S. dollar s drop against other currencies buoy sentiment.
* First offshore oil and gas sale in 20 years * Lease sales to continue in Gulf of Mexico * Some Alaska leases to be canceled