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Wheat Gained; Gold Dropped; Grain & Beef Sales Will Be Halted in Argentine

August 26, 2009 at 21:02 by Vladimir Vyun

Wheat gained because of worries that dry weather will cause decline in production of Australia, the fourth- biggest exporter of the grain in the world. El Nino climate pattern causes abnormal weather that may curb grain yield. Australian growers may harvest 23 million metric tons in the year ending on May 31 compared to 21.5 million tons in the previous year. December futures for wheat delivery gained $0.0775 (1.6 percent) to $5.065 per bushel as of 10:04 on CBoT.

Gold dropped as result of a rebound in the dollar and decline of oil reducing attractiveness of the precious metal as a hedge against inflation. The dollar climbed after reports from U.S. about increase in the sales of new houses and rising orders for goods. December delivery for gold futures fell $0.9 (0.1 percent) to $945.10 per ounce by 13:05 on the New York Mercantile Exchange’s Comex division.

Argentine farmers are going to halt grain and beef sales after the government vetoed a law about tax breaks to Buenos Aires growers experiencing the worst drought in a century. The government claimed that it vetoed parts of the bill because of concern that farmers would claim their goods came from drought- afflicted areas of Buenos Aires to evade taxes. Argentine farmers harvested 13.2 million tons of corn this year compared to 22 million tons harvested previous year.

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