Commodity Blog

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Gains of Cattle, Copper & Hogs; Losses of Corn

July 6, 2010 at 20:50 by Vladimir Vyun

Cattle and hogs futures gained today on outlook that demand for U.S. exports would rise as stocks gained and the dollar fell. The dollar tumbled today as much as 0.8 percent versus the basket of six major currencies, increasing attractiveness of U.S. exports. August futures for cattle delivery gained $0.01275 (1.4 percent) to $0.9075 per pound by 9:14 on CME. August futures for hog settlement went up $0.00525 (0.7 percent) to $0.80575 per pound.

Copper prices rose today as declining stockpiles suggested that demand would remain strong despite the slowdown of the global economic recovery. LME-monitored inventories declined 12 percent this year and fell to the lowest level in seven months today. September futures for copper delivery rose $0.092 (3.2 percent) to $3.9925 per pound by 11:33 a.m. on COMEX.

Corn prices dropped today on prediction that rainfalls would increase soil moisture and boost harvest in the U.S., the largest exporter in the world. Analysts say that prices are high enough, despite fewer than planned acres were sowed last month because of unfavorable weather. December futures for corn delivery slid $0.0275 (0.7 percent) to $3.8175 per bushel as of 12:54 on CBoT.

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