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Traders Sell Wheat to Book Profits

May 19, 2015 at 22:23 by Vladimir Vyun

Futures for delivery of wheat declined during the Tuesday trading session. The reason for the drop was profit-taking after prices rallied to the highest level in almost six weeks. The rally was a result of weather forecasts that predicted rains in the US Great Plains region that may damage maturing winter-wheat crop.

On Monday, the US Department of Agriculture reported that 45 percent of winter wheat were in good or excellent condition compared as of May 17 to just 31 percent a year ago. Additionally, the agency said that 94 percent of spring wheat was planted last week, up from 87 percent in the previous week.

July futures for delivery of wheat went down 2.2 percent to $5.1025 per bushel as of 22:19 GMT on CBoT today. Yesterday, prices rallied to $5.3020 — the highest since April 8.

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