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Dust bowl wilting U.S. wheat as funds turn bearish: Commodities

Posted on 03 January 2013

The worst U.S. drought since the 1930s Dust Bowl is damaging wheat crops across the world’s biggest supplier, at a time when hedge funds are the most bearish on prices in seven months. About 62 percent of the country is mired in a dry spell that the government says will last at least until March in states growing the most winter wheat.
With dormant crops already in the worst condition since records began in 1985 and global inventories headed for a third annual drop, Chicago futures may rise as much as 26 percent to $9.50 a bushel this year, the median of 32 analyst estimates compiled by Bloomberg shows………………………………………..Full Article: Source


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