Wheat, tin and gold dominate third quarter

For futures investors, it was all about two commodities in the third quarter: wheat and gold. The Wall Street Journal reported Friday on a quarter that was dramatic for commodities, both because of supply and demand fundamentals and because of concerns about currencies as governments look for advantages through devaluation.For futures investors, it was all about two commodities in the third quarter: wheat and gold. The Wall Street Journal reported Friday on a quarter that was dramatic for commodities, both because of supply and demand fundamentals and because of concerns about currencies as governments look for advantages through devaluation.

Wheat futures dominated headlines because of the drought and high temperatures which scorched crops across the Black Sea region of Russia, leading that nation to ban all exports of grain through 2011. Wheat jumped by as much as 65 percent, ending the quarter up by 45 percent.Wheat futures dominated headlines because of the drought and high temperatures which scorched crops across the Black Sea region of Russia, leading that nation to ban all exports of grain through 2011. Wheat jumped by as much as 65 percent, ending the quarter up by 45 percent.

Corn and soybeans got dragged upwards alongside wheat prices.Corn and soybeans got dragged upwards alongside wheat prices.

In metals, the big stories were tin and gold - one very thinly-traded, the other heavily so. Tin futures rose 40.8 percent as demand picked up in China, which uses it heavily in electronic components and canned food production.In metals, the big stories were tin and gold - one very thinly-traded, the other heavily so. Tin futures rose 40.8 percent as demand picked up in China, which uses it heavily in electronic components and canned food production.

Gold futures, meanwhile, have been center-stage over the past few weeks as the yellow metal shattered one record after another.Gold futures, meanwhile, have been center-stage over the past few weeks as the yellow metal shattered one record after another.

"People see gold as the ultimate store of value. Lots of investors, both institutional and individual, are quite concerned about paper money if there's additional quantitative easing in the U.S.," Barry Wainstein, the global head of foreign exchange and precious metals at Scotia Capital, told the Wall Street Journal. "People see gold as the ultimate store of value. Lots of investors, both institutional and individual, are quite concerned about paper money if there's additional quantitative easing in the U.S.," Barry Wainstein, the global head of foreign exchange and precious metals at Scotia Capital, told the Wall Street Journal.