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Wheat Advances, Oil Rises With Growing Demand

February 26, 2010 at 21:03 by Vladimir Vyun

Wheat gained on speculation that futures will advance, causing investors, who had bet on price decline, to buy back contracts and to close out positions. Speculative long positions in wheat futures were outnumbered by short positions by as much as 51,195 contracts in the week ended February 16th in Chicago. May futures for wheat delivery added $0.1025 (2 percent) to $5.14 per bushel by 10:16 on the Chicago Board of Trade.

Crude oil gained on signals that fuel demand may rise in the U.S. as economy recovers. Price was also aided by the dollar’s decline against the euro. The number of tankers used as floating storage for crude oil and diesel dropped 20 percent in January. April delivery for crude oil went up $1.70 (2.2 percent) to $79.87 per barrel as of 10:41 on NYMEX.

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