Wheat Declines Sharply On Weak Demand (06-Dec-2011)
US Wheat futures closed lower, sinking on poor demand and pressure from Europe. Optimism about Europe supported wheat and other commodities early, but after the euro fell in afternoon trading amid the potential for credit-rating downgrades, most commodities slipped.
Meanwhile, disappointing weekly export inspections highlighted poor demand and ample world supplies. And traders noted a lack of fundamental news, waiting for the week-end USDA supply-and-demand report.
CBOT December Wheat ends down 13 1/2c at $5.98 3/4 while KCBT December falls 9 1/2c to $6.66 1/2 and MGEX December drops 7 3/4c to $8.48 1/4.
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