Saturday, February 9, 2008

"Record Increase in wheat prices"

I'm still bullish on agriculture. Check this out.

http://www.123jump.com/market-update/Record-Increase-in-Wheat-Stocks-Struggle/26259/

"U.S. market averages traded in a tight range after the release of wholesales inventories data, earnings from Weyerhaeuser, Alcatel Lucent, Brush Engineered Metals, Cott Corporation and Lubrizol.

Wheat Prices Soar

Wheat prices rose to a record rise after the U.S. Department of Agriculture estimated that the wheat inventories will be at 60-year low of 272 million bushels. The latest projection shows a 7% decline from the earlier projection in January and 40% lower from a year ago. Wheat futures rallied to the daily limit of 30 cents for the fifth session in a row and closed up 16% for the week. Wheat prices at mid-day were trading at $10.93 per bushel, up 30 cents in Chicago and in Kansas were up 30 cents to $11.4025 per bushel."

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