Jason Britt News
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The second major snowstorm in a week for the southern Great Plains is delivering moisture to U.S. wheat crops that went dormant in November in the worst condition since at least 1985 because of a drought.
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Corn futures fell, capping the longest slump in 32 years, on speculation that beneficial weather will boost crops in Argentina, the world’s second- biggest exporter, and Brazil.
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CME Group Inc., the world’s biggest grain market, plans to expand futures offerings in wheat on its Chicago trading floor on July 1 after closing the Kansas City Board of Trade following a buyout.
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U.S. winter-wheat seedings rose for a third straight year as high prices during the September- November planting season prompted farmers in the Great Plains to boost acreage. The increase was less than analysts expected.
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Corn and wheat surged the most in at least three months after a government report showed drought and rising demand eroded stockpiles more than previously forecast in the U.S., the world’s biggest grain exporter.
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CME Group Inc., the world’s largest futures exchange, will buy the Kansas City Board of Trade for $126 million in cash to add a wheat contract to its products.
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Wheat futures fell on speculation that farmers increased sales amid concern the U.S. budget dispute will damp the economy and erode commodity demand in 2013. Soybeans dropped, while corn rose.
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Corn futures rose, capping the biggest weekly gain since October, on bets that U.S. planting delays will persist because of more rain next week in the Midwest. Soybeans climbed, and wheat dropped.
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Wheat futures rose for the first time in three sessions on speculation that U.S. lawmakers will reach an agreement to raise the nation’s debt ceiling before the deadline tomorrow, easing concern that commodity demand will dwindle.
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Wheat fell to the lowest in more than five months on speculation that wet weather will improve the condition of the U.S. winter crop.
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