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Corn, Hogs & Soybeans Gain; Cotton at Record

November 3, 2010 at 1:55 by Vladimir Vyun

Hogs climbed today as demand for pork in the US is recovering. Analysts say that pork was oversold and now is returning to more “fair” price. December futures for hog settlement added $0.01 (1.5 percent) to $0.662 per pound at 13:05 on CME.

Corn and soybeans gained today for a second consecutive day on forecast that favorable weather will increase supplies. Rains in Brazil and Argentina should boost output. December futures for corn delivery slipped $0.015 (0.3 percent) to $5.7575 per bushel as of 13:15 on CBoT. January futures for soybean delivery slid $0.01 (0.1 percent) to $12.34 per bushel.

Cotton climbed to the record today as demand in China grows. Prices also surged on speculation that adverse weather will curb supplies. December delivery for cotton rose $0.05 (3.9 percent) to $1.3426 per pound by 15:20 on ICE, reaching the highest level in 140 years of trade.

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