Wheat Falls as Slowing Growth, Dollar Rally May Erode Demand
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Wheat fell the most this month on concern that demand for U.S. exports will shrink as Europe’s fiscal woes threaten global growth and as the dollar gains.
Stocks declined around the world and the dollar climbed to a six-week high against a basket of six currencies on speculation that Europe’s debt crisis will spread to Italy. A rising greenback makes U.S. commodities more expensive for importers. About 21.1 million bushels of wheat were inspected for export in the week ended July 7, down 17 percent from a week earlier, the U.S. Department of Agriculture said today.