Summary Box: Wheat prices surge as poor weather conditions aggravate Russian, Canadian crops
By APWednesday, July 14, 2010
Summary Box: Wheat prices surge on weather woes
GAINS FOR GRAINS: Wheat prices nearly reached a six-month high Thursday, settling 9.75 cents at $5.59 a bushel Thursday. The rally also benefited corn prices.
BAD WEATHER: The wheat price rally is being triggered by lower expectations in two key wheat-producing regions. Russia and Kazakhstan are suffering through a drought while rain is affecting Canada’s growing season.
OIL DROP: Oil prices dipped after the crude inventories fell and refineries boosted production. Gasoline demand ticked up nearly 2 percent.
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