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Favorable Weather Increases Demand for US Meat

August 2, 2013 at 18:05 by Vladimir Vyun

Cattle and hogs rallied today as mild weather in the United States should encourage outdoor grilling. Weather was relatively high last month, but forecasters predict that temperatures will be lower next several weeks. Such outlook encourages demand for US beef. October futures for delivery of cattle climbed $0.53 (0.42 percent) to $1.2603 per pound as of 17:54 GMT on CME today. Hogs advanced $0.35 (0.42 percent) to $0.8425 per pound.

Most other agricultural commodities declined with the exception of coffee and wheat. September futures for delivery of Arabica coffee in September climbed as much as $0.0245 (2.12 percent) to $1.1805 per pound on ICE today. Contract for wheat added $0.0475 (0.72 percent) to $6.6275 per bushel on CBoT. Meanwhile, November soybeans declined $0.095 (0.8 percent) to $11.83 per bushel and December corn slid $0.0275 (0.59 percent) to $4.6425 per bushel.

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