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Wheat Gains on Weather, Gold Falls & Oil Rises with Currencies

June 3, 2011 at 1:02 by Vladimir Vyun

Futures on wheat gained for the fist time in three sessions on forecast that the renewed Russia’s exports won’t be enough to satisfy demand. Supply of the commodity is likely to decline as adverse weather in the US and Europe may hurt crops. July contract for delivery of wheat went up $0.105 (1.4 percent) $7.6975 per bushel as of 13:15 on CBoT.

Gold decline as the rebound of the euro reduced demand for the precious metal as a safe haven. The European currency gained 1.3 percent after Germany’s Chancellor Angela Merkel said that her country is committed to the stability of the euro. Futures for delivery of gold in August slipped $10.50 (0.7 percent) to $1,532.70 by 13:38 on COMEX.

Crude oil advanced after the dollar fell as Moody’s Investor Service put the US credit rating on review for downgrade. The rating agency will cut the debt rating of the North American country if there would be no progress in increasing the debt limit. July futures for crude oil delivery traded at $100.40 per barrel on NYMEX following the fall by 1.8 percent to $98.46.

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