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Wheat & Corn Rallies on Bad Weather, Oil Falls

March 18, 2011 at 23:00 by Vladimir Vyun

Crude oil weakened today as the conflict in Libya may end. The government said that it’ll cease all military actions and will talk with the rebels. April delivery for crude oil fell $0.35 to $101.07 per barrel on NYMEX.

Wheat rallied today as dry weather in various countries across the world may harm the crops. QT Weather predicted that temperature next week in parts of Kansas, the largest winter-wheat-growing state in the US, may rise as much as 14 degrees Celsius above the normal level for this time of year, and the drought will persist for the next two weeks. Russia’s Prime Minister Vladimir Putin said that the adverse weather may damage 5 million hectares (12.4 million acres) of the winter crops. May futures for wheat delivery gained $0.1275 (1.8 percent) to $7.23 per bushel as of 13:15 on CBoT.

Corn rose the most since October as adverse weather may slow planting in the US, the biggest grower and exporter in the world. Some areas of the country are threatened by flooding, while others suffer from drought. May futures for corn delivery went up $0.37 (5.7 percent) to $6.835 per bushel by 13:15 on CBoT.

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