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Declining White Sugar & Hogs; Rising Corn Futures

September 24, 2009 at 22:30 by Vladimir Vyun

White sugar dropped to two-week low in London as prices tumbled in New York yesterday, signaling slowing demand. Prices also fell after the dollar rebounded, decreasing the attractiveness of commodities as a hedge against inflation. December delivery for white sugar dropped $13.10 (2.2 percent) to $571.40 per ton on the Liffe exchange.

Corn futures gained for a third day because of forecast that frost, expected next week in some parts of the northern Midwest, may reduce the size and quality of the crop in the U.S., the largest grower and exporter in the world. Crop loss may reach 13.2 billion bushels. December futures for corn delivery gained $0.0575 (1.7 percent) to $3.36 per bushel as of 11:37 on CBoT.

Hog futures slumped as U.S. pork prices declined on speculation that meat production may not be decreased enough to cope with dropping demand. Combination of low exports and domestic demand makes the pork market weak. The swine flu also discouraged people from buying pork. December settlement for hog futures slumped $0.0045 (0.9 percent) to $0.496 per pound by 12:22 on the Chicago Mercantile Exchange.

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