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Wheat Drops on Swelling Stockpiles, Oil Climbs to Almost 10-Month Record

February 24, 2012 at 1:51 by Vladimir Vyun

Wheat fell today, following yesterday’s decline, on forecast that global inventories will rise to a record. Estimates of the US Department of Agriculture show that stockpiles may reach a record 213.1 million metric tons in 2011–12 marketing year. Some analysts predict that inventories may swell to 220 million tons next marketing year. Wheat traded at $6.3900 per bushel as of 1:32 GMT today on CBoT after falling yesterday from $6.4400 to $6.4075.

Crude oil continued its rally to an annual record as fears of recession in Europe eased. German business sentiment improved more than was predicted by economists. Additionally, US jobless claims remained unchanged last week, signaling that the US jobs market is stabilizing. April for delivery of crude oil jumped 0.8 percent to $108.69 per barrel in electronic trading on NYMEX before trading at $108.61. Brent crude traded at $124.14 per barrel on ICE today, following yesterday’s advance from $122.75 to $124.20, reaching $124.50 intraday, the highest price since May 3.

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