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Wheat Rises After Drop, Just a Bounce on Bear Market?

April 11, 2013 at 3:09 by Vladimir Vyun

Wheat rose a little today after yesterday’s decline. The drop was caused by forecasts of growing world stockpiles. The US Department of Agriculture predicted that global wheat inventories will total 182.26 million metric tons (before the harvest in Northern Hemisphere). The prediction beat the previous estimate of 178.23 million.

It was not the first time when USDA report hurt wheat. The report released at the end of March also led to a drop of the grain. Fundamentals suggest the downward trend for the agricultural commodity will persist in the near future and any rally can be considered just a bounce on a bear market.

July futures for wheat rose $0.0025 (0.04 percent) to $7.0325 per bushel as of 3:01 GMT on CBoT today. The price fell as much as 1.5 percent to $7.03 per bushel yesterday.

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