Wednesday, September 29, 2010

Chicago wheat futures Wednesday slipped to 2-month low

Xinhua News Agency reporsts that Chicago wheat futures Wednesday slipped to 2-month low thanks to improved condition for wheat planting in world's major producers. Soybeans also saw further drop while corns rallied on increased demands.

December wheat fell 0.2 cents, or 3.2 percent, to 6.835 U.S. dollars per bushel. November soybean shed 11 cents, or one percent, to 10.99 dollars per bushel. December corn gained five cents, or one percent, to 5.05 dollars per bushel.

Traders said the ongoing fundamental pressure for wheat mainly comes from improved conditions for winter planting in Russia and U. S. as well as favorable growing conditions in Australia and Argentina

According to weather forecasts, some regions in the west and south of Russia may enjoy 0.2 inch of rainfall on Thursday and eastern Ukraine may get one inch by Oct. 1

Gasoline climbed to a two-week high as a U.S. government report showed an unexpected decline in supplies while manufacturing accelerated for a second month in China, the second-biggest oil consumer. The rally in gasoline will help boost ethanol demand and usage of corn.

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