Amid all the volatility on Friday there was nothing setting commodity markets on fire.
In fact the likes of copper, gold, oil and wheat, were fairly stable or influenced by more traditional market-related activities rather than events in the bond or sharemarkets.
Wheat fell on Friday after its second week of strong price fluctuations above and below the $US6 a bushel mark.
Chicago Board of Trade wheat prices actually had their first down week for more than a month as those fears about the US wheat and corn crops eased and the size of the Australian crop was estimated at 22.5 million tonnes amid good rains in some eastern states and WA growing areas.
Wheat hit another 11-year high last week after heavy rains delayed the harvest but the advent of drier weather eased those fears, and also helped boost prospects for plantings in spring wheat crops in the Northern Midwest states of the US and in Canada.
Chicago wheat futures for September delivery fell 17 USc to $US6.05 a bushel, down 2.5 per cent for the week, after a 32 per cent rise in the previous four weeks.
Wheat prices in Chicago have soared 66 per cent in the past year as global demand exceeded output for the sixth year in seven. Dry weather though has cut output in the Ukraine, Russia and parts of Eastern Europe.
Still, the US wheat harvest is running behind last year with only 11 per cent of the winter wheat crop harvested as of June 17, compared with the 20 per cent average for the previous five years, according to the US Department of Agriculture.
Sugar prices rose to 9.69 USc/lb, higher than most forecasters had expected given the supply overhang.
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Gold ended higher in New York after the greenback fell against the euro. Silver fell.
Gold is up 3 per cent this year, silver fell 1.8 per cent last week and is only up 0.7 per cent for the year so far.
August gold futures rose $US2.80 to $US657 an ounce on the Comex on the New York Mercantile Exchange. The price fell 0.3 per cent this week.
July silver futures fell 7 USc to $US13.02 an ounce.
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Copper fell in New York after a wage agreement averted protests at a mine in northern Chile.
That chopped copper's gains for the year to less than 19 per cent.
September copper futures fell 1.9 USc to $US3.3835/lb on Comex. The metal fell 1.1 per cent last week after rising 5 per cent the week before.
Workers are still considering strikes at mines in Peru and elsewhere in Chile, which is keeping the price a bit higher than it might be.
Not helping was another sign of waning demand from China after the buying binge in late 2006 and the first quarter of this year.
China's purchases of refined copper and alloy dropped to 121,383 tonnes in May, down 37 per cent from April, according to new figures from the country's customs office.
Stockpiles overseen by the London Metal Exchange fell 1.5 per cent while Shanghai inventories slumped 3.8 per cent, according to reports issued Friday. That helped boost prices but the news from China sent them lower.
LME, copper for three months delivery fell $US5 to $US7,435 a tonne, down 1.2 per cent..
Lead hit a series of records last week, ending at $US2,540 a tonne, up 6.9 per cent.
Nickel though tumbled 11.3 per cent to $US37,600 a tonne.
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New York oil rose after the Nigerian Government failed to reach an agreement with unions to end a three-day-old general strike.
August crude rose 49 US cents to settle $US 69.14 on NYMEX. The price rose 0.9 per cent last week but is down 2.4 per cent from a year ago.
Brent crude oil for August settlement rose 96 US cents to close at $US71.18 a barrel on the London-based ICE Futures exchange.
That Nigerian dispute was settled overnight Sunday, so oil prices will be weaker.
