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Better Weather in US and Russia’s Exports Hurt Wheat Prices

August 30, 2011 at 21:34 by Vladimir Vyun

Wheat futures fell today as weather forecast improved prospects for US crops, while increasing output from Russia and Eastern Europe may decrease demand for US exports.

Harvest in the US was threatened by drought. Recent rains in parts of the Midwest eased concerns about the current harvest and planting of winter wheat.

The government newspaper Rossiyskaya Gazeta reported today that Russia may harvest more than 90 million metric tons of wheat. Wheat profited from the ban of exports by Russia last year, but as the nation ended the ban the grain is under pressure.

December settlement for wheat slipped $0.0425 (0.5 percent) to $7.9075 per bushel as of 13:15 on CBoT.

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