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Advance of Wheat & Orange-Juice Prices

October 7, 2010 at 22:22 by Vladimir Vyun

Wheat futures gained today after the government reported about increasing exports from the US, the largest grower in the world. The US exported 808,447 metric tons of wheat in the week ended September 30th, 29 percent more than in a week before. A weaker dollar also increased attractiveness of US exports. December futures for wheat delivery gained $0.01 (0.2 percent) to $6.5925 per bushel by 13:15 on CBoT.

Futures for orange-juice rallied as speculators cover short positions ahead of a government forecast about citrus crop in Florida, the second largest growing region in the world. The harvest in Florida, which ended in June, totaled 133.6 million boxes and was the second-smallest in two decades as frosts in January damaged fruit crop. Analysts estimated that current harvest will result in 150.7 million boxes, up 13 percent from the previous season. November delivery for orange juice rose $0.011 (0.7 percent) to $1.5155 per pound as of 13:18 on ICE.

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