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Decline of Corn, Cattle, Hogs & Soybeans

May 14, 2010 at 19:44 by Vladimir Vyun

Corn slipped as the dollar rose, decreasing appeal of commodities as a hedge against inflation. Corn prices also dropped on speculation that the debt crisis in the European Union will curb demand for animal feed and fuel made from the crop. July delivery for corn futures slipped $0.065 (1.7 percent) to $3.665 per bushel by 9:41 on the Chicago Board of Trade.

Cattle futures and hogs fell on concern that a dollar’s appreciation may hurt U.S. meat exports, making commodities more expensive to overseas buyers. August delivery for cattle futures dropped $0.0085 (0.9 percent) to $0.938 per pound as of 9:52 on CME. July futures for hog settlement fell $0.003 (0.4 percent) to $0.8495 per pound.

Soybeans slid after a report that demand from U.S. processors unexpectedly fell in April. Consumption declined 12 percent to 131.7 million bushels from the near-record high level in March. July futures for soybean delivery retreated $0.085 (0.9 percent) to $9.56 per bushel at 10:26 on CBoT.

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