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Wheat Falls with Lack of Demand for U.S. Grain; Gold Rises on Forecast that Dollar Will Drop

November 20, 2009 at 21:29 by Vladimir Vyun

Wheat futures slid for the third day as demand for U.S. grain waned because of increasing global inventories. Analysts predict that prices likely will be constrained in the coming six months as growing global supplies cause lack of demand for U.S. wheat. March futures for wheat delivery slid $0.055 (0.9 percent) to $5.785 per bushel as of 10:37 on CBoT.

Gold prices jumped on expectation that the dollar will fall, raising demand for the metal as an inflation hedge. The greenback reached a lowest level in 15 months versus a basket of six major currencies on November 16th. But the U.S. currency gained today as much as 0.8 percent. December futures for gold delivery added $2.30 (0.2 percent) to $1,144.20 by 12:33 on the Comex division of the New York Mercantile Exchange.

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