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Falling Prices for Corn, Soybeans, Wheat, Cattle, Hogs & Sugar

May 17, 2010 at 22:48 by Vladimir Vyun

Corn, soybeans and wheat fell on prospect for a lower demand as a debt crisis in the European Union causes nations of the region to cut spending and China attempts to rein its economic growth. The favorable weather in the U.S. promises high supplies after next harvest, also affecting prices. July delivery for corn futures dropped $0.07 (1.9 percent) to $3.56 a bushel on the Chicago Board of Trade. July futures for soybean delivery fell $0.125 (1.3 percent) to $9.41 a bushel on CBoT. July futures for wheat delivery subtracted $0.025 (0.5 percent) to $4.69 a bushel.

Dollar’s rally curbed demand for commodities, including cattle, hogs and sugar. Hogs also fell on speculation that record prices for wholesale pork will cut retail sales. Analysts say that demand for sugar is strong and should support prices for the commodity. August futures for cattle delivery slid $0.00525 (0.6 percent) to $0.91475 pound by 11:53 on the Chicago Mercantile Exchange. July futures for hog settlement lost %0.01225 (1.5 percent) to $0.826 per pound on CME. July delivery for raw sugar went down $0.0024 (1.7 percent) to $0.1389 on ICE Futures U.S. in New York.

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