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Wheat Falls on Russian Exports, Gold Rally Longest Since 2009

July 15, 2011 at 22:48 by Vladimir Vyun

Wheat fell today on the speculation that importers would turn from US and European supplies to exports from Russia. First Deputy Prime Minister Viktor Zubkov said yesterday that Russia’s output may total 90 million metric tons this year, while exports would reach 1.5 million tons in July. Prime Minister Vladimir Putin predicted last month that production would total 85 million tons. September futures for delivery wheat dropped $0.0575 (0.8 percent) to $7.0125 per bushel at 13:15 on CBoT.

Gold capped the longest rally since November 2009 today on concerns about the debt problems in the US and Europe. Standard & Poor’s warned that it may cut the US credit rating. Eight banks failed the stress test of the European Union banks. August futures for gold delivery gained $0.8 to $1,590.10 as of 13:37 on COMEX, reaching a new all-time record.

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