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Wheat Falls as Global Stockpiles Grow; Orange-Juice Climbs to 23-Month Record

December 21, 2009 at 21:02 by Vladimir Vyun

Wheat slid today on concern that growing global inventories will cut demand for supplies from the U.S. Analysts forecast that global supplies will rise as much as 17 percent to 190.9 million tons by May 31st. March futures for wheat delivery slid $0.03 (0.6 percent) to $5.25 per bushel by 10:12 on the Chicago Board of Trade.

Orange-juice futures jumped to a highest rate in 23 months on expectation that citrus yield may decline in Florida, the second largest grower of the fruit in the world. Orange harvest in Florida is expected to fall 17 percent compared to the last season because of drought and low temperatures. Analysts say that Florida may produce 135 million boxes of oranges in the year ending June 30th, the lowest total in three years. March futures for orange-juice delivery climbed $0.0375 (2.8 percent) to $1.381 per pound as of 10:56 on ICE.

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