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Wheat Gains as Adverse Weather Threatens Crops

August 17, 2011 at 19:00 by Vladimir Vyun

Wheat gained today on the speculation hot weather and drought in the US will reduce output.

Amount of precipitation in some parts of the US was only quarter compared to the normal for this part of the year. Crops were already harmed by adverse weather in the second part of the last year. The US Department of Agriculture predicts output of hard, red-winter wheat may shrink 22 percent, compared to the previous year, to 794.4 million bushels as a result.

Futures for delivery of wheat in December gained $0.0725 (1 percent) to $7.5925 per bushel as of 10:31 on CBoT after it earlier reached $7.6775, the highest price for a most-active contract since June 14. Over the year wheat rose 8 percent.

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