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Wheat Drops to Weakly Low, Oil Falls as Inventories Grow

January 27, 2010 at 22:55 by Vladimir Vyun

Wheat dropped to the weekly low on expectation that U.S. President’s plan to limit risk-taking by banks will cut investment in commodities, including U.S. grain. Barack Obama may announce further details of his plan to restrict proprietary trading or investing in hedge funds and private-equity funds. March futures for wheat delivery decreased $0.045 (1 percent) to $4.8925 per bushel as of 10:08 on CBoT.

Crude oil and gasoline tumbled to the lowest level in five weeks after the report that stockpiles of the motor fuel climbed to a 22-month high. Demand for fuel fell 2 percent compared to the previous year in the four weeks ended January 22nd. Gasoline consumption dropped 0.4 percent from the previous week. Refineries worked at 78.5 percent of capacity. March delivery for crude oil slid $1.05 (1.4 percent) to $73.66 per barrel by the 14:30 on the New York Mercantile Exchange.

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