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Wheat Rallies, Joins Corn & Soybeans in Decline Later

July 6, 2013 at 1:49 by Vladimir Vyun

Wheat rallied on Friday, but retreated later and closed below the opening level. The gains were caused by signs of demand for US grains. The United States is the biggest exporter of the commodity in the world. The US Department of Agriculture reported that exporters sold 120,000 metric tons of wheat to China.

Wheat fell together with corn and soybeans on forecast of favorable weather in the USA. Forecasters promise warm, dry weather in the US Midwest next week. Such conditions should help the crops after the month of excessive rainfall.

September futures for wheat fell $0.05 (0.75 percent) to close at $6.60 per bushel on CBoT yesterday after rallying 0.1 percent to $6.6575. December contract for corn dropped as much as $0.1150 (2.29 percent) to $4.9125 per bushel. November soybeans tumbled $0.2250 (1.8 percent) to $12.2825 per bushel.

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