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USDA Report Lead to Gains for Wheat, Losses for Orange Juice

October 10, 2014 at 20:47 by Vladimir Vyun

Wheat rallied today, demonstrating the biggest weekly gain in two months, as the US Department of Agriculture trimmed its projections for global reserves in the 2014–15 season. The USDA estimated that world stock will total 192.6 million metric ton before the 2015 harvest, down from 196.38 million in the previous forecast. The predicted figure was also below estimates of all market analysts. December futures for wheat advanced 1.06 percent to $4.9850 per bushel on CBoT today.

Meanwhile, prices for orange juice fell amid speculations that favorable weather will improve yield. The USDA estimated that output in the United States for the 2014–2015 will total 6.96 million tons, up 3 percent from the previous season. Production in Florida, the world’s second biggest growing region, is expected to increase also by 3 percent to 108 million boxes (4.86 million tons). November futures for orange juice concentrate tumbled as much as 3.28 percent to $1.3850 per pound on ICE today.

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