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Wheat, Cotton & Oil Rises on Outlook for Growing Demand

November 25, 2010 at 1:03 by Vladimir Vyun

Wheat jumped today as the global recovery improves an outlook for demand, while adverse weather in the US, the largest world grower, may diminish supplies. As of November 21st about 47 percent of the US wheat crop was in good or excellent condition, compared with 64 percent in the previous year. March futures for wheat delivery gained $0.045 (0.7 percent) to $6.8525 per bushel as of 13:15 on CBoT.

Cotton futures advanced the most in nine months on speculation that demand in China, the largest consumer in the world, will be sustained. Cotton output in China may drop as much as 5.5 percent this year to 6.36 million metric tons as adverse weather hurt crops. March delivery for cotton went up $0.048 (4.3 percent) to $1.1659 by 14:59 on ICE.

Crude oil gained today as decline of unemployment claim in the US signaled that economic recovery is accelerating, which may lead for increasing demand for the fuel. US unemployment claims fell from 441,000 to 407,000 last week. January delivery for crude oil added $2.61 to $83.86 per barrel on NYMEX.

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