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Wheat Decline as Warm, Dry Weather Helps Planting, Growth of Crops

November 6, 2009 at 23:36 by Vladimir Vyun

Wheat prices declined on forecast that warm dry weather will prevent further planting delays in the U.S. caused by excessive rainfall and boost early growth for a crop. Farmers have a prefect opportunity to plant the planned acreage of a winter-wheat crop, the most common variety in the U.S. High temperatures and limited rains in the next two weeks will boost planting of a winter wheat fields from Missouri to Ohio, regions suffered greatest from rain delays in the last month. A week of warm, wet weather in the southern Great Plains will boost development of crops.

About 79 percent of the winter wheat crop was planted by November 1st, up from 76 percent a week earlier and down from 90 percent average for the previous five years. About 64 percent of the crop was in good or excellent condition as of November 1st, up from 62 percent from the previous week and down from 67 percent on the same date in the previous year.

December futures for wheat delivery declined $0.06 (1.2 percent) to $5.0625 per bushel by 10:50 on the Chicago Board of Trade. The grain fell 17 percent this year on concern that global production is increasing faster than demand.

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