Commodity Blog

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Cattle Declines as Demand Falls, Wheat Drops

February 3, 2010 at 22:45 by Vladimir Vyun

Cattle futures slid for the second time this week on speculation that demand for a beef has declined as wholesale prices rose in January to a highest level in seven months. Beef price touched the record level since May 27th at January 19th, causing retailers and importers to cut buying. Since January 19th beef has fallen 4.5 percent. April futures for cattle delivery slid $0.00625 (0.7 percent) to $0.8925 per pound by 9:39 on the Chicago Mercantile Exchange.

Wheat futures tumbled in Chicago on forecast that dollar will advance, curbing the demand for U.S. grain as an alternative investment. The dollar rose 0.5 percent versus a basket of six major currencies today, the first gain this week. Some speculators may begin selling commodities which they purchased when dollar was weak. March futures for wheat delivery subtracted $0.0875 (1.8 percent) to $4.785 per bushel as of 9:59 on CBoT.

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