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Wheat Slips on Good Weather in U.S., Platinum & Palladium Fall

May 19, 2010 at 20:27 by Vladimir Vyun

Wheat slid today for the sixth straight session after favorable weather improved forecasts for winter varieties of the crop in the U.S. The southern U.S. Great Plains have got as much as six times the normal precipitation the last week, causing expectations of an increased yield. July futures for wheat delivery slid $0.015 (0.3 percent) to $4.6625 per bushel as of 10:29 on the Chicago Board of Trade.

Platinum and palladium dropped today as concerns about impact of Germany’s ban of some bearish assets on the European economy caused speculation that demand for metals may fall. The Germany prohibited naked short sales for 10 banks and insurers and naked credit-default swaps on government bonds of the Euro-zone, causing volatility and panic on markets. Fundamentals look good for the metals, though, and long-term outlook remains favorable despite some short-term pessimism. Immediate delivery for platinum fell $74 (4.4 percent) to $1,599.50 per ounce by 15:31 in London. Palladium dropped $41.30 (8.3 percent) to $457.70 per ounce.

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