Wheat Falls as Growth of Stockpiles Counters Damage from Weather
Wheat was falling for the second trading session today on signs that there will be enough stockpiles to counter damage that adverse weather has done to supplies. The US Department of Agriculture estimated that world wheat inventories will rise to 213.1 million metric tons before the 2012 harvest in the Northern Hemisphere, 6.2 percent above last year’s figure.
Wheat also fell with other commodities on bad news from Europe. Bailout for Greece was postponed as Greek leaders rejected additional budget cuts that other members of the European Union demanded. Most traders were unprepared for such turn of events as it has looked almost certain that Greece would receive aid.
Wheat fell from $6.4575 to $6.2925 per bushel as of 20:40 GMT today on CBoT.
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