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Rains May Ease Drought in US, Wheat Drops. Gold Gains

September 14, 2011 at 0:07 by Vladimir Vyun

Wheat slumped today on the forecast that rains will ease drought in the US Great Plains. Mike Tannura, the president of forecaster T-Storm Weather, predicted storms may parts of Kansas, Oklahoma, Colorado and Texas may receive a half inch (1.3 centimeters) to an inch of rain by September 16. Rainfall would be welcomed by US farmers, who are just beginning to plant winter crops. Contract for delivery of wheat in December dropped $0.2525 (3.5 percent) to $7.02 per bushel as of 13:15 on CBoT, posting the biggest decline since September 1.

Gold futures today gained as concerns about the European sovereign-debt crisis strengthen. Greece’s budget deficit widened 22 percent over this year. German Chancellor Angela Merkel claimed she won’t let Greece to sink into “uncontrolled insolvency”, but such claims weren’t been able to convince many market participants. December futures for delivery of gold rose $16.80 (0.9 percent) to $1,830.10 per ounce by 14:01 on COMEX.

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