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Decline of Cocoa, Records of Cattle, Beef & Soybeans

March 31, 2011 at 1:35 by Vladimir Vyun

Cocoa fell on as concerns about the political tensions in the Ivory Coast eased. The troops of Alassane Ouattara, the internationally recognized winner of the presidential election, gained control of the capital. May future for cocoa delivery fell as much as $70 (2.3 percent) to $2,987 per metric ton as of 12:06 on ICE.

Cattle futures jumped to the record on the anticipation of higher demand from Japan. The retail prices for beef in the US touched the all-time high last month as supplies declined. June futures for cattle delivery rose $0.01675 (1.4 percent) to $1.19575 per pound by 13:00 on CME. The price rose to the record $1.198 earlier.

Soybeans gained to the highest level in a week on the speculation that supply may decline as farmers prefer to plant corn. US Farmer may forecast to plant 76.79 million acres with soybeans this year, compared to the previous forecast of the US Department of Agriculture of 78 million acres. May future for soybeans delivery added $0.08 (0.6 percent) to $13.695 per bushel at 10:41 on CBoT.

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