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Corn, Soybean Rise as Dollar Fall; Beef Decline as Demand Drop

November 18, 2009 at 20:12 by Vladimir Vyun

Corn price surged to the highest level since June and soybeans gained, continuing the three-month rally, as the weaker dollar pushed up demand for commodities. Weak dollar creates an upward momentum for commodities in the market as speculators seek alternative assets for investment to preserve their purchasing power. March futures for corn delivery gained $0.0625 (1.5 percent) to $4.2375 per bushel by 10:00 on the Chicago Board of Trade.

Cattle futures dropped after the report that export demand for U.S. beef fell. Exports declined 20 percent to 162.4 million pounds in September from a year earlier. There is no demand for beef priced at current level, partly because of the global recession. February futures for cattle settlement dropped $0.005 (0.6 percent) to $0.8515 per pound as of 10:13 on CME.

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