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Natural Gas & Wheat Retreat on Weather Forecasts

March 27, 2014 at 2:05 by Vladimir Vyun

Natural gas declined today on the forecast of warmer weather in the United States. The country has experienced a snow storm, but now it is expected that temperatures will return to norm or even rise higher by the end of the month. About a half of US household use gas for heating, making changes in weather conditions important for the commodity. April futures for natural gas fell $0.009 to $4.402 per million British thermal units on NYMEX yesterday and remained near this level as of 2:00 GMT today.

Wheat prices also fell on weather forecasts. It is expected that the USA will receive rains in the next two weeks that should help crops. Conditions for plants deteriorated last week, and some damage was priced in. It now looks like such concerns were unwarranted. May contract for wheat lost $0.0075 (0.11 percent) to $6.96 per bushel on CBoT today.

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