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Wheat Rises with Demand, Crude Falls as Inventories Swell

September 26, 2013 at 0:39 by Vladimir Vyun

Futures for wheat surged on speculations that China will increase buying of the grain to reduce prices. The US Department of Agriculture predicted that the Asian country may triple imports in 2013. Wheat prices in China jumped to the all-time high this month. December futures for delivery of wheat climbed $0.0025 (0.04 percent) to $6.7075 per bushel as of 00:18 GMT on CBoT today.

Crude oil declined as US inventories unexpectedly grew last week. The stockpiles swelled by 2.6 million barrels to 358.3 million barrels after falling by 4.4 million in the previous week. Analysts have predicted a drop by 1 million. November futures for delivery of WTI crude oil went down $0.32 (0.31 percent) to $102.34 per barrel on NYMEX today. Contract for Brent crude lost $0.32 (0.29 percent) to $108.32 per barrel on ICE.

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