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Wheat Slips on Higher Supply, Orange-Juice Rises with Demand

September 15, 2010 at 21:38 by Vladimir Vyun

Wheat prices slipped today on speculation that output from the US would increase and on outlook for higher production in Australia. Australia’s harvest may reach as much as 25.1 million metric tons. Plenty of rainfalls improved moisture in the US southern Great Plains, boosting outlook for crop. December futures for wheat delivery slid $0.0375 (0.5 percent) to $7.3225 per bushel by 10:58 on CBoT.

Orange-juice futures rose to the highest level in six weeks on signs of increasing global demand. US exports of fresh oranges in July were twice as much as in the same period the last year. At the same time, outlook for supplies worsened as Brazil, the biggest grower in the world, will produce the smallest crop in at least eight years after an excessive precipitation harmed harvest. November delivery for orange juice gained $0.016 (1.1 percent to $1.481 per pound as of 14:00 on ICE.

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