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The top business news from The Associated Press for the morning of Wednesday, June 18, 2008:

Veganic farmers work without animal fertilizers

ALBUQUERQUE, N.M. (AP) _ The tradition of farming the land in northern New Mexico's Espanola Valley had been passed down from Don Bustos' Spanish ancestors who tilled the same soil centuries before. But when Bustos realized the traditional farming techniques he was using could harm his children's health, he went organic 15 years ago. Now, Bustos said he has found an even safer method _ vegan organic farming without any animal fertilizers or byproducts.

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Oil eases further below $134 a barrel

SINGAPORE (AP) _ Oil prices extended their decline Wednesday despite expectations that a U.S. government report to be released later in the day will show a drop in crude oil inventories. Investors were weighing whether expected production increases from Saudi Arabia, the world's largest oil producer, would do enough to quench rising global demand. The Saudis are planning a meeting of oil producing and consuming nations in Jeddah on Sunday to seek ways to tackle soaring oil prices.

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China yuan hits new high against US dollar

SHANGHAI, China (AP) _ The Chinese yuan kept climbing Wednesday, with the official "parity rate" set at an all-time high against the U.S. dollar as American and Chinese officials resumed talks centering on trade and other strategic issues. Washington wants Beijing to loosen controls on currency trading and allow the yuan's rate to set by market forces. U.S. manufacturers contend that the restrictions keep the yuan's value artificially low, giving Chinese exporters an unfair advantage and boosting China's trade surplus.

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Chrysler takes aim at GM with hybrid SUV prices

DETROIT (AP) _ The market for hybrid full-size sport utility vehicles may be small, but Chrysler LLC is determined to get a piece of it, saying Tuesday that its new hybrids will be nearly $8,000 less than competitors from General Motors Corp. Chrysler said its 2009 Dodge Durango hybrid will have a suggested retail price of $45,340 while its 2009 Chrysler Aspen hybrid will start at $45,570. A comparable four-wheel-drive version of the 2008 Chevrolet Tahoe hybrid starts at $53,295, while the 2008 GMC Yukon hybrid starts at $52,855.

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Stocks fall as data show drag of higher oil

NEW YORK (AP) _ Stocks tumbled Tuesday as a troubling reading on wholesale inflation underscored the drag of high energy prices on the economy. Investors, also growing anxious again about banks' credit woes, sent the Dow Jones industrial average down more than 100 points. Tuesday's economic data illustrated how the steep run-up in energy costs this year is affecting businesses. The Labor Department said its index of producer prices jumped 1.4 percent in May _ the largest increase since November.

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Economy struggles with rising prices, slow growth

WASHINGTON (AP) _ Wholesale prices barreled ahead while housing and industrial activity faltered _ a blend of high-costs and slow growth that ensures the Federal Reserve's most likely move on interest rates next week will be no move whatsoever. Chairman Ben Bernanke and his colleagues have made increasingly clear they're not inclined to cut interest rates further for fear of aggravating inflation. On the other hand, boosting rates too soon to fend off inflation would hurt an economy already battered by housing, credit and financial woes.

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Energy prices fuel US-China strains

WASHINGTON (AP) _ Not quite an ally, not quite an adversary, China with its exploding appetite for energy is helping drive up world oil prices _ and putting still more strain on its relationship with the United States. The importance stretches far beyond the gas pump, although that is where Americans are left wondering what's behind the run-up, why it can't be stopped and who is to blame. China is just one factor. Also at play are worries about future supplies and production disruptions in Africa or the Mideast.

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Goldman Sachs 2Q earns fall but beats expectations

NEW YORK (AP) _ Goldman Sachs navigated yet another quarter of market turmoil and tight credit, with runaway prices of commodities such as oil and gold helping to drive profit. The world's biggest investment bank parlayed skyrocketing prices in energy and other commodities into net income of more than $2 billion during the second quarter. Results from its commodities business was close to matching the first quarter's record performance, according to Goldman's chief financial officer.

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Best Buy 1Q profit falls, shares slip 5 percent

MINNEAPOLIS (AP) _ Best Buy said its first-quarter profit dropped 7 percent, but what its executives didn't say seemed to bother Wall Street more. Officials at the nation's largest consumer electronics retailer did not predict a larger-than-expected full-year profit, or a turnaround in the economy. They did not forecast a big boost from the economic stimulus checks that went out just before the end of the quarter. Best Buy shares dropped 5 percent.

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CFTC boosting oversight of foreign oil trades

WASHINGTON (AP) _ Federal regulators said Tuesday they will place stricter limits on foreign exchanges that trade U.S. oil as concerns continue to grow about the role of speculation in rising fuel prices. Some lawmakers said the move was long overdue. The Commodity Futures Trading Commission said it will require the London-based ICE Futures Europe exchange to adopt position limits used in the U.S. for the trading of the West Texas Intermediary crude-oil contract, which is linked to a similar contract on the New York Mercantile Exchange.

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Gold Prices

LONDON (AP) _ Gold traded in London at $884.00 per troy ounce, up from $883.00 late Tuesday.

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Japan Markets

TOKYO (AP) _ Japanese stocks rose on Wednesday in line with gains in major Asian markets, with investors chasing gains in the auto and high-tech sectors.

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Dollar-Yen

TOKYO (AP) _ The dollar stood at 108.08 yen mid-afternoon in Tokyo, up from 107.92 yen in New York late Tuesday

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