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Outlook for Demand Makes Wheat Cheaper & Cattle Stronger

August 7, 2013 at 18:22 by Vladimir Vyun

Price for wheat slumped today as Iraq and Egypt preferred to avoid buying grain from the United States. Egypt (the biggest wheat importer in the world) purchased 60,000 metric tons each from both Romania and Ukraine yesterday, while Iraq bought combined 150,000 tons from Australia and Canada. Such behavior indicates that there is ample supply on the market. December futures for delivery of wheat dropped as much as $0.085 (1.31 percent) to $6.42 per bushel as of 18:16 on CBoT today.

Demand for US meat had no such problem, leading to gains of cattle. The US Meat Export Federation reported that beef exports jumped as much as 8 percent in June from a year ago to 101,720 metric tons. It was the best month this year. Wholesale-beef advanced 0.4 percent to $1.8717 per pound yesterday. October contract for cattle gained 0.3 percent to $1.2505 per pound on CME today.

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