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Declining Hog & Wheat Futures, Rising Soybeans Prices

June 29, 2010 at 0:10 by Vladimir Vyun

Wheat futures dropped today as favorable weather may help U.S. farmers to accelerate harvest. Demand for U.S. wheat also fell because importers turned to supplies from the Black Seas region. September futures for wheat delivery slid $0.06 (1.3 percent) to $4.65 a bushel on CBoT.

Soybeans gained today, erasing the previous losses, on speculation that excessive precipitation in the U.S. would reduce the area, in which the crop would be planted. Soybean planting probably may drop from the forecast 78.1 million to 76.5 million acres. November futures for soybean delivery slipped $0.06 (0.7 percent) to $9.18 per bushel as of 1:12 p.m. the Chicago Board of Trade.

Hog futures slid today on speculation that increasing profits would encourage U.S. farmers to reduce cuts of hog herd. According to analysts, producers aren’t expanding for now, yet they may be planning to do that in future. August futures for hog settlement subtracted $0.0175 (2.1 percent) to $0.82175 per pound on CME.

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