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Decline of Crude Oil & Natural Gas, Gains of Corn & Soybeans

January 5, 2011 at 23:55 by Vladimir Vyun

Crude oil continued to decline today as a government data showed that US inventories of gasoline rose more than predicted. Gasoline stockpiles increased 3.29 million barrels to 218.1 million last week, while they were expected to grew by 0.5 million barrels. February delivery for crude oil slipped $0.93 (1 percent) to $88.45 per barrel by 10:35 on NYMEX.

Corn and soybeans gained today on prediction that dry weather in Argentina and Brazil will diminish output. Forecasts promise that unfavorable weather will persist for about 10 days. March futures for soybean delivery gained $0.24 (1.8 percent) to $13.935 per bushel as of 13:15 on CBoT. March futures for corn delivery advanced $0.1075 (1.8 percent) to $6.1925 per bushel.

Natural gas declined today as specialists predicted that temperatures in the US will be in normal range next week. Previously gas climbed on anticipation of colder-than-normal winter. February delivery for natural gas dropped $0.196 (4.2 percent) to $4.473 per million British thermal units on NYMEX.

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