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Wheat Fails to Rally, Other Grains Join Decline

April 6, 2015 at 22:19 by Vladimir Vyun

Futures for wheat attempted to rally for the third straight session on Monday. While they had a success in that endeavor initially, prices slipped below the opening level afterwards. The rally was a result of concerns that the lack of rainfall in the United States may hurt crops. Yet the rally was short-lived as signs of ample supply resulted in a bearish bias for wheat as well as for other grains.

Talking about other grains, prices for them were in decline too. The biggest loser following wheat was soybeans. Prospects for the record harvest in the USA remain very detrimental to any attempts of the oilseed to rally.

May futures for delivery of wheat dropped as much as 1.59 percent to $5.2775 per bushel as of 22:15 on CBoT today. Prices for soybeans declined 0.76 percent to $9.7850 per bushel. Contract for delivery of corn was down 0.39 percent to $3.85 per bushel.

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