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Wheat gains for fourth day as traders reverse bets

The Associated Press

Wheat is climbing for a fourth straight day as more cold weather is forecast for the Midwest.

The price of wheat rose 20.75 cents, or 3.7 percent, to $5.85 a bushel.

Wheat prices are rebounding from low levels. The grain settled at $5.51 a bushel Jan. 29, their lowest price in 3 ½ years.

While it is unlikely that the colder weather will significantly damage this year's crop, it did prompt traders to reverse bets on further declines.

In other trading of agricultural futures, corn and soybeans also rose.

Metals were mixed.

Gold for April fell $8.70, or 0.7 percent, to $1,251.20 an ounce. Platinum and palladium also dropped. Silver and copper rose.

In energy trading, the price of oil rose.