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Hogs Slips on Stronger Dollar, Soybeans Gains on Bad Weather

June 2, 2010 at 19:01 by Vladimir Vyun

Hog futures slipped on anticipation of U.S. pork exports’ decline, caused by the dollar’s rally. The dollar reached almost the highest level in four years, making European pork cheaper, which may encourage importers to turn from U.S. pork in favor of European supplies. July futures for hog settlement slipped $0.002 (0.2 percent) to $0.8255 per pound as of 10:00 on CME.

Soybeans gained today amid concerns that excessive precipitation will delay planting and diminish the yield. The amount of rain, received by some fields from Kansas to Michigan in the previous month, was more than twice above the normal quantity. The planting in the U.S. was completed by 74 percent on May 30th, compared with the average 75 percent in the past five years. July futures for soybean delivery gained $0.015 (0.2 percent) to $9.335 per bushel by 10:35 on the Chicago Board of Trade.

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