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Hogs & Sugar Fall on Declining Purchases

April 22, 2010 at 19:19 by Vladimir Vyun

Hog futures slipped after wholesale pork prices climbed to the highest level since 2008, causing U.S. retail demand to fall. The falling demand made traders unwilling to buy the commodity for the record prices. Meat packers’ shipments of pork dropped 7.1 million pounds in the first three days of this week, that’s 7.2 percent down from the same period in the previous week. June settlement for hog futures slid $0.00575 (0.7 percent) to $0.865 per pound as of 9:34 on CME.

Sugar prices dropped as a speculation that an output will rise encouraged importers to halt their purchases. Traders cut their purchases in an anticipation of lower prices. Egypt scraped a plan to purchase 50,000 metric tons of the sweetener and another tender isn’t expected for at least two weeks. July delivery for raw sugar dropped $0.0032 (1.9 percent) to $0.1637 per pound by 11:07 on ICE Futures U.S.

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