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Weather Boosts Prices for Natural Gas & Grains

September 8, 2015 at 20:59 by Vladimir Vyun

Natural gas rallied today due to weather forecasts. Forecasters predicted a wave of hot weather in most parts of the Southern United States. At the same time, cooler temperatures are expected in other regions of the USA. Natural gas is used in heating and air conditioning, and therefore has tendency to move in accordance to air temperatures. October futures for delivery of natural gas rallied 1.85 percent to $2.7 per million British thermal units as of 20:51 GMT on NYMEX today.

The weather outlook also had a beneficial impact on grain prices. Traders are concerned that rains in the US Farm Belt may damage crops and reduce yield. The forecast allowed the bounce of prices that have reached multi-year lows last week. December futures for corn gained 1.45 percent to $3.6825 per bushel on CBoT today. Soybeans for delivery in November advanced 1.47 percent to $8.7925 per bushel. December wheat climbed 1.55 percent to $4.75 per bushel.

If you have any questions and comments on the commodities today, use the form below to reply.

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