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Strengthening Dollar Causes Decline of Wheat & Cotton

October 1, 2009 at 21:33 by Vladimir Vyun

Wheat slumped to the lowest this week as a rebound in the dollar causes demand for supplies from the U.S. to drop. The dollar jumped 0.7 percent against a basket of six major currencies. December futures for wheat delivery slid $0.0925 (2 percent) to $4.4825 per bushel by 10:32 on the Chicago Board of Trade.

Cotton prices dropped as the dollar gains, raising the cost to buyers using other currencies. Cotton rose previously because of heavy rains, threatening that rotting pods of fiber may reduce crop yields, and because farmers planted less cotton to grow more profitable grains and soybeans. December futures for cotton delivery fell $0.0112 (1.8 percent) to $0.6172 per pound as of 11:04 on ICE Futures U.S. in New York.

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