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Weather Forecasts Hurt Natural Gas & Grains

July 7, 2015 at 17:27 by Vladimir Vyun

While the majority of the commodity market was hurt by the news from Greece and China, some raw materials had their own negative factors. One of such commodities was natural gas that suffered from weather forecasts. Forecasters predicted mild temperatures in the United States, and this suggests limited demand for the gas. As a result, August futures for delivery of natural gas dropped 1.74 percent to $2.71 per million British thermal units as of 17:19 GMT on NYMEX today.

The agricultural market also suffered from the forecasts of favorable weather conditions that should improve prospects for US crops. According to the yesterday’s report from the US Department of Agriculture, the quality of US grains remained basically unchanged last week from the week ago. At the same time, the data showed that 93 percent of soybeans emerged as of July 5, up from 89 percent on June 28. September corn declined 1.11 percent to $4.2175 per bushel on CBoT today. Contract for wheat slid 1.85 percent to $5.8450 per bushel, and November futures for soybeans dropped 2.54 percent to $9.89 per bushel.

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