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Higher Demand Boosts Wheat & Oil, Orange-Juice Declines

December 29, 2010 at 4:46 by Vladimir Vyun

Wheat rose on speculation that demand for US exports increased. US wheat inspected for export totaled 17.5 million bushels last week, 53 percent more compared to a year ago. March futures for wheat delivery gained $0.18 (2.3 percent) to $7.9825 per bushel by 13:15 on CBoT.

Crude oil jumped to the highest level in 26 months as holiday retail sales in the US were best in five years and on forecast that inventories of crude would decline further. Holiday sales grew 5.5 percent to $584 billion from November 5th to December 24th, while the growth was 4.1 percent in the previous year. February delivery for crude oil rose $0.49 (0.5 percent) to $91.49 per barrel on NYMEX.

Orange-juice fell to the lowest level in two weeks as damage to citrus groves in Florida was not as significant as was previously estimated. The prices dropped as traders began selling the commodity, bought amid panic and speculations. March delivery for orange juice slipped $0.0695 (4.1 percent) to $1.6175 per pound as of 14:00 on ICE.

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