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Meat Prices Climb to Record, Softs Remain Weak

July 22, 2014 at 22:33 by Vladimir Vyun

Cattle futures rallied to a record today, leading to higher prices for beef. Hogs also advanced. Demand for meat increased due to outside grilling during the summer season, while US inventories are falling. Experts speculate that beef prices may climb 6.5 percent this year from a year ago. October futures for delivery of live cattle climbed 1.69 percent to $1.5788 per pound as of 22:11 GMT on CME today, reaching the record high of $1.5820 intraday. Hogs advanced 0.67 percent to $1.1345 per pound.

Meanwhile, prices for grains, including corn, soybeans and wheat, continued to fall. Forecasters predict that rains and cool temperatures will help growth of plants, especially in regions that have experienced drought previously. Yesterday’s report from the US Department of Agriculture demonstrated that most crops were in a good condition. Because of these factors, traders count on ample supply and are not in a hurry to buy grains, waiting for prices to drop even further. December contract for corn gained 1.01 percent to $3.6825 per bushel on CBoT. November soybeans went down 1.28 percent to $10.5775 per bushel. September futures for wheat lost 1.04 percent to $5.2450 per bushel.

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