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Wheat Rise on Weak Dollar; Crude Oil Advance with Rebounding Economy

November 30, 2009 at 19:45 by Vladimir Vyun

Wheat gained as the falling dollar increased appeal of U.S. exports and attractiveness of the commodity as an inflation hedge. Wheat prices also rose on concern that some U.S. farmers were unable to plant winter crops because of heavy rains, delaying the harvest and access to the fields. March futures for wheat delivery gained $0.075 (1.3 percent) to $5.7725 per bushel by 10:37 on the Chicago Board of Trade.

Crude oil advanced on outlook for the economic recovery, after a report showed that business activity in the U.S., the biggest energy-consuming country in the world, grew for a second month. Other news, like oil supertanker, captured by Somali pirates, and straining relationship between Iran and international community because of Iran nuclear program, supported the bullish trend for oil. January delivery for crude oil advanced $0.37 0.5 percent $76.42 per barrel as of 11:07 on NYMEX.

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