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Wheat Gains as USA Suffer from Drought

December 6, 2012 at 23:00 by Vladimir Vyun

Wheat was up today on fears that drought in the United States will hurt winter crops. Kansas, Oklahoma and Texas received almost no rain in November, according to the data of National Weather Service. Forecasts promise that precipitation will miss the Great Plains.

Gains were limited amid the negative market sentiment. News from Europe was not particularly good. Fears of the US fiscal cliff add to pessimism of traders. Yet the adverse weather conditions allowed the grain to shrug off the detrimental factors.

March contract for delivery of wheat was up $0.02 (0.23 percent) to $8.62 as of 22:57 GMT on CBoT today.

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