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Coffee Rises & Cattle Reaches 8-Week Record on Weak Dollar

July 15, 2010 at 20:07 by Vladimir Vyun

Coffee price jumped today as the weak dollar increased appeal of some commodities. The greenback slid 1 percent against the basket of six major currencies today. Analysts say that in case the futures would break the $1.70 level, the price would go up. September delivery for Arabica coffee gained $0.037 (2.2 percent) to $1.686 per pound as of 9:28 on ICE Futures U.S. in New York.

Cattle futures extended this month’s rally, climbing today to the highest level in eight weeks, on forecast that demand for beef exports from the U.S. would increase after the dollar dropped. Beef exports from the U.S. rose as much as 27 percent in May to 203.55 million pounds compared to 160.46 million in the previous year. October futures for cattle delivery rose $0.00375 (0.4 percent) to $0.93775 per pound by 10:59 on CME.

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