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Mondelez Int’l (MDLZ) Stock Rises as Agricultural Commodities Fall

NEW YORK (TheStreet) -- Mondelez International (MDLZ - Get Report) stock is up 0.63% to $46.39 in afternoon trading on Wednesday, as various agricultural futures decreased after the U.S. government released harvest forecasts.

Wheat for September delivery is falling 2.61% to $494 a bushel, while soybean for November delivery is decreasing 6% to $913.25 a bushel and corn for December delivery is down 4.58% to $369.75 a bushel on the Chicago Board of Trade.

A report by the U.S. Department of Agriculture forecasts 46.9 bushels per acre of soybeans for the 2015-2016 harvest, up from 46 bushels per acre, Reuters reports.

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The corn yield forecast was raised to 168.8 bushels per acre, from 166.8 bushels per acre.

Wheat stocks are expected to be 850 million bushels by the end of the harvest, up from 842 million bushels.

Wheat exports and winter production, however, are expected to fall. Reuters added.

Analysts surveyed by Reuters anticipated the USDA to cut yield and production forecasts due to heavy rains.

Mondelez acquires large quantities of wheat, corn, soybean, sugar and other agricultural...