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Cattle Jumps to Record, Corn & Wheat Rise

March 9, 2011 at 20:52 by Vladimir Vyun

Cattle jumped to the record as demand for US beef increased. The US Department of Agriculture reported that the US beef exports advanced as much as 19 percent last year to about 1.04 million metric tons. Increasing demand put strain on supplies of meat, making the US cattle herd the smallest since 1958. June futures for cattle delivery rose $0.0155 (1.3 percent) to $1.1745 per pound as of 13:08 on CME. Previously the price reached the record level of $1.18.

Wheat and corn posted the first gain this week on the concern that the global inventories may decline. The USDA is expected to reduce its estimate of the world supplies tomorrow. The experts say that Saudi Arabia will increase its imports of food to prevent increase of food prices, as the surge of the prices was one of the reasons for the uprising in Tunisia, Egypt and Libya. May delivery for wheat gained $0.07 cents (0.9 percent) to $7.8675 per bushel by 13:14 on CBoT. May delivery for corn added $0.045 (0.6 percent) to $7.10 per bushel.

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