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Natural Gas Maintains Upward Momentum, Wheat Loses Gains

December 9, 2013 at 19:44 by Vladimir Vyun

Prices for natural gas were rising today as cold weather in the United States increased demand for the heating fuel. Forecasters predict cold temperatures and snow in most parts of the USA. Such predictions supported already strong upward momentum of the commodity, which has rallied 26 percent this year. January futures for delivery of natural gas rallied as much as $0.1 (2.53 percent) to $4.22 per million British thermal units as of 19:37 GMT on NYMEX today.

Forecasts of cold weather allowed wheat to rally too on concerns that freezing temperatures in the United States will hurt crops. The USA is the biggest exporter of the grain in the world. Yet prices slipped below the opening level as global production will likely catch up whatever decline of US output will be caused by adverse weather conditions. World supply may climb 6.6 percent to 698.4 million tons in the 2013–14 season, according to International Grains Council. March contract for wheat lost $0.0075 (0.12 percent) to $6.5025 per bushel on CBoT today.

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