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Increasing Demand Spurred Prices for Soybeans, Cattle & Hogs

September 28, 2013 at 3:11 by Vladimir Vyun

Soybeans rallied as on signs of demand from China. China’s imports of US grain climbed 28 percent by the end of the last month from a year ago. The US Department of Agriculture reported that US exports more than tripled to 2.82 million metric tons last week. November futures for delivery of soybeans ended the trading session higher by $0.003 (0.23 percent) to $13.1975 per bushel on CBoT.

Cattle also advanced, spurred by increasing demand for US beef. Hogs gained too. According to the USDA, exports of beef during the first seven months of this year grew 2.8 percent from a year ago. Hogs in the United States were suffering from the porcine epidemic diarrhea virus, reducing supply. December futures for live cattle were up $0.005 (0.38 percent) to $1.3208 per pound on CME. Prices for lean hogs advanced $0.004 (0.46 percent) to $0.8813 per pound.

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