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Wheat Climbs as Weather in USA Is Not Favorable to Crops

March 28, 2013 at 2:35 by Vladimir Vyun

Wheat rose on concerns that adverse weather in the United States may lead to farmers planting less crops. There was a flood warning in North Dakota, the US largest growing area of spring wheat. At the same time, some analysts believed that planted acreage may be the biggest in four years.

The forecast for wheat was not particularly positive and it is not certain that one should become particularly optimistic about the grain now. It is true that weather conditions in Europe are rather nasty at present, possibly damaging supply from that part of the world as well. At the same time, it is not certain that the drop in output will be enough for demand to catch up production.

May futures for wheat jumped as much as 1.2 percent to $7.40 per bushel on CBoT yesterday, the highest price since February 21st, before trading at $7.3725 per bushel as of 2:30 GMT today.

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