Commodity Blog

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Wheat Loses Gains, Soybeans Continue to Decline

February 4, 2015 at 19:57 by Vladimir Vyun

As was expected, wheat was unable to sustain its short-covering rally. Futures dropped below the opening level after rising earlier today. It looks like the threat of global surplus sent the market into the bearish mode after all.

Unlike wheat, other grains were falling since the beginning of the current trading session. Soybeans were the biggest loser among them. There are several reasons for the drop of the oilseed. Among them are limited demand for China and prospects for ample supply from Brazil and Argentina.

March futures for delivery of soybeans dipped 1.47 percent to $9.7250 per bushel as of 19:53 GMT on CBoT today. Wheat slipped 0.29 percent to $5.1225 per bushel.

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