Wheat Falls for First Time This Week as Price Gains Deter Demand
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Wheat fell for the first time this week in Chicago, erasing a gain, as the grain’s 16 percent climb in the past three months deterred investor demand.
Prices have jumped since October as floods in Australia curb supplies amid rising world demand. Morocco said yesterday it agreed to buy 175,000 metric tons of the grain, and Egypt bought an equal amount on Jan. 8. Some investors may be liquidating positions to capitalize on prices that rose to the highest level since August earlier this month.