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Wheat & Cocoa Gain as Supplies are Threatened

December 3, 2010 at 0:34 by Vladimir Vyun

Wheat rose today on speculation that floods may decrease supplies of the grain. This summer crop was harmed by droughts, now wet weather became an issue. Floods in Thailand and Australia threaten global supply and increase demand for the commodity. March futures for wheat delivery rose $0.085 (1.1 percent) to $7.485 per bushel by 13:15 on CBoT.

Cocoa supplies are also threatened, though not because of nature’s, but by humans’ actions: namely, because of a political tension in Ivory Coast. The Constitutional Court said that the ruling of Ivory Coast’s electoral commission to name Alassane Ouattara a winner of the election, which was held on November 28th, was invalid. Last night at least six people were killed and 17 were wounded in a shooting at the party office of Ouattara. March delivery for cocoa added $110 (4 percent) to $2,868 per metric ton at 14:00 on ICE.

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