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Cotton Falls with Waning Demand, Wheat Drops on High Prices

February 6, 2010 at 0:46 by Vladimir Vyun

Cotton price touched the lowest level since November as the stronger dollar curbed the demand for the commodity as an alternative investment. The greenback reached the highest level versus basket of six major currencies since July. Price also rose as declining equities caused concern that the economic rebound may be slow. March cotton delivery slid $0.0159 (2.3 percent) to $0.674 per pound at 11:55 a.m. on ICE Futures U.S. in New York.

Wheat prices went down in Chicago as oversees buyers moved to cheaper supplies. U.S. grain was considered overpriced as wheat from Russia, France and Kazakhstan was sold to Egypt for $174.90 per metric ton, while U.S. wheat was priced at $184.91 per ton. March futures for wheat delivery dropped $0.025 (0.5 percent) to $4.7325 per bushel on CBoT.

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