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Wheat & Coffee Prices Follow Changes in Inventories

March 11, 2010 at 21:20 by Vladimir Vyun

Wheat prices slipped to a monthly low after report that U.S. stockpiles will touch the record level in 22 years. U.S. wheat inventories will increase to 27.2 million metric tons by May 31st. Before today wheat slid on speculation about growing world supplies. May futures for wheat delivery declined $0.03 (0.6 percent) to $4.785 per bushel as of 10:14 on CBoT.

Coffee futures gained in New York after stockpiles dwindled to lowest level in seven years. Coffee inventories slid to 2.7 million bags (1.2 percent) in ICE-monitored warehouses on March 9th. Earlier coffee futures rose as global supplies waned. May futures for Arabica-coffee delivery went up $0.004 (0.3 percent) to $1.3315 per pound by 10:21 a.m. on ICE in New York.

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