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Beef & Hogs Fall; Sugar Gains; Gold Goes Up

July 22, 2009 at 21:00 by Vladimir Vyun

Beef demand falls, hogs slump today. Cattle futures dropped the most in seven weeks resulting in concern that beef demand is wane as the recession continues while hogs fell to the lowest since February. October futures for cattle dropped $0.01025 (1.1 percent) to $0.901/pound by 10:42 on CME.

Supply concerns rise causing sugar gain today. Demand in the world will surpass production resulting in concern that the worldwide supply deficit will increase. October futures for raw-sugar gain $0.0007 (0.4 percent) to $0.1787/pound as of 12:04 on ICE Futures  U. S. in New York.

The falling dollar increased the attractiveness of precious metals as an alternative investment causing gold to go up today. Federal Reserve Chairman Ben S. Bernanke reimplemented a plan to keep benchmark U.S. lending rates at historic lows for a continuous period. August futures for gold increased $5.50 (0.6 percent) to $952.40/ounce at 12:39 on the New York Mercantile Exchange’s Comex division.

If you have any questions and comments on the commodities today, use the form below to reply.

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