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Corn Falls on Harvest Forecast, Meat Fluctuates

August 21, 2013 at 1:27 by Vladimir Vyun

Corn dropped on forecast of bigger harvest in the United States. According to Pro Farmer Midwest Crop Tour, the average yield in Ohio will be at 171.6 bushels per acre this year, compared to 110.5 in the previous year. Output in South Dakota will more than double to 161.75 bushels per acre, on average, in 2013 from 74 during the last year’s drought. The USA is the biggest producer and exporter of corn in the world. December futures for delivery of corn were flat today as of 1:08 GMT today on CBoT after dropping 2.1 percent to $4.755 per bushel yesterday.

Cattle fell and hogs rose yesterday, but reversed their performance today. Official data suggests that demand for meat is increasing. Spot price for hogs has jumped 11 percent. October futures for delivery of cattle rose $0.0008 (0.06 percent) to $1.2823 per pound on CME, while yesterday prices fell by 0.1 percent. Meanwhile, contract for hogs fell $0.001 (0.12 percent) to $0.8685 per pound after rising 0.5 percent on the previous trading session.

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