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Wheat & Copper Decline

August 27, 2009 at 21:20 by Vladimir Vyun

Wheat tumbled because of expectation that favorable weather will spur production and supplies in the U.S., the biggest exporter of the grain in the world. About 72 percent of U.S. wheat in spring was in good condition by August 23d, compared to 55 percent in a previous year. Global production may reach 659.3 million metric tons in the year ending May 31. December futures for wheat delivery dropped $0.13 (2.6 percent) to $4.9375 per bushel as of 10:42 on CBoT.

Copper prices drop as the dollar rebounded against euro, causing decline in demand for commodities as an alternative investment. Another reasons for copper fall is declining demand in China, the world’s biggest metal user. December futures for copper delivery fell $0.0275 (1 percent) to $2.8495 per pound by 11:06 on the Comex division of the New York Mercantile Exchange.

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