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Wheat Falls on Concern for Oversupply, Gold Goes Up

March 31, 2010 at 20:42 by Vladimir Vyun

Wheat dropped to a lowest in five months after a report that farmers in the U.S. may plant more than predicted. Growers may use as much as 53.8 million acres for planting wheat seed, while the average estimate was 53.3 million acres. Possibility of oversupply drags prices down. May futures for wheat delivery dropped $0.1425 (3 percent) to $4.5775 per bushel by 10:28 on the Chicago Board of Trade.

Gold gained after the dollar slid today, boosting the demand for an alternative assets. The U.S. currency fell 0.7 percent versus a basket of major currencies as recovery of the U.S. economy slowed and jobless rate worsened. Confidence in euro strength also waned on concern about Greece budget deficit, causing investors to seek alternative to common currencies. June futures for gold delivery gained $9.10 (0.8 percent) to $1,114.80 per ounce as of 11:53 on NYMEX in New York.

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