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Wheat & Soybeans Head to Weekly Gains

October 3, 2014 at 11:18 by Vladimir Vyun

Wheat advanced today on prospects of strong demand for US grains. Futures for soybeans retreated after initial gains but were still heading to weekly advance.

Data revealed that US export sales accelerated by the end of the last month, alleviating bearish momentum for agricultural commodities. Additionally, forecasters predict rains and cold weather next week that may hurt plants and slow harvest.

Traders should be cautious against becoming excessively bullish on grains as the negative factors, which were driving the agricultural market down previously, remain in place. Farmers still expect record yield for some crops, meaning that supply-demand balance will likely remain unfavorable for grain prices.

December futures for delivery of wheat advanced 0.31 percent to $4.8425 per bushel as of 10:53 GMT on CBoT today. Meanwhile, futures for soybeans slipped 0.03 percent to $9.2425 per bushel.

If you have any questions and comments on the commodities today, use the form below to reply.

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