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Cattle & Cocoa Decline on Stronger Dollar

February 13, 2010 at 0:50 by Vladimir Vyun

Cattle futures slid today on signs that the stronger dollar will cut appeal of  the U.S. beef. The dollar rose 0.9 percent against a basket of six major currencies to a record level since July. The rising dollar makes purchases of beef from the U.S. unprofitable for overseas traders. April futures for cattle delivery slid $0.003 (0.3 percent) to $0.9125 per pound by 12:06 on the Chicago Mercantile Exchange.

Cocoa prices dropped after the dollar rebounded versus the euro and equities declined, decreasing appeal of some commodities for investors as safe haven. The dollar jumped on speculation that a European Union plan to aid Greece avoid default will fall. Analysts say that downward trend for cocoa can be short-term. May futures for cocoa delivery fell $17 (0.5 percent) to $3,099 per ton at 12:11 on ICE.

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