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Rising Futures for Cattle, Cocoa & Hogs

June 9, 2010 at 19:16 by Vladimir Vyun

Hog and cattle futures advanced on signs of the expanding global economic recovery, which may increase demand for U.S. meat. China’s exports jumped 50 percent from the last year, hinting that pace of the global recovery is accelerating. The weaker dollar also helped U.S. meat exports, making them cheaper, and thus more attractive, to oversees buyers. July futures for hog settlement rose $0.0075 (1 percent) to $0.7895 per pound by 10:05 on CME. August futures for cattle delivery gained $0.00525 (0.6 percent) to $0.8835 per pound.

Cocoa futures gained for the third consecutive day in New York amid concerns that the viral disease may hurt the crops, diminishing output in Ivory Coast, the biggest grower in the world. The only way for farmers to prevent spreading of swollen shoot, which is spread by insects and usually kills infected plants within two years, is by uprooting and burning infected trees. Global output will trail demand by 69,000 metric tons in the year ending September 30th. July delivery for cocoa advanced $13 (0.4 percent) to $2,994 per metric ton as of 10:16 on ICE Futures.

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