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Home / Futures Blog / Egyptian unrest pushes up wheat futures

Egyptian unrest pushes up wheat futures

January 31, 2011 by Daniels Trading

Wheat futures bounced back from both a 48-hour slump and concerns about unrest in Egypt causing imports of the grain to slow, Bloomberg reports.

Shortly after 8 a.m., wheat futures were up 1.27 percent to $8.3625 per bushel. During the past two days, futures dropped 3.6 percent amidst about riots in the biggest wheat buyer.

The unrest in Egypt "should not be detrimental to agricultural commodities," Michael Pitts, a commodity sales director at National Australia Bank, told Bloomberg. "Egypt has consistently been buying over the last 12 months. They bought forward and they would have very small stocks."

Hosni Mubarak, the autocratic president of the Egypt for the past three decades, is now under fierce pressure unprecedented during his tenure as leader. Despite naming a vice president and a prime minister, Mubarak’s reign is expected to continue encountering resistance as the Arab nation confronts riots, escaped prisoners, looters and violence.

"The problem will be if the financial markets really melt down in Egypt," Tom Puddy, market head of CBH Group in Australia, told the news service. "Your number one priority, being an exporter, is security of payment."

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Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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