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Shifts in Demand Make Grains Stronger, Hogs Weaker

September 19, 2013 at 2:31 by Vladimir Vyun

Wheat advanced, followed by corn and soybeans, on signs of increasing demand. The US Department of Agriculture reported that inventories of wheat ready to export surged 56 percent to 46.024 million bushels last week. Sales increased 38 percent to 602 million bushels during the summer. Of course, the absence of quantitative easing tampering from the Federal Reserve also played in favor of the commodities. December contract for wheat advanced $0.0075 (0.12 percent) to $6.4725 per bushel as of 2:12 GMT on CBoT today. Futures for corn added $0.0075 (0.16 percent) to $4.57 per bushel. November soybeans climbed $0.0625 (0.46 percent) to $13.54 per bushel.

At the same time, demand of hogs was dwindling, while supply of pork increased. Meatpackers in Iowa and southern Minnesota processed 404,000 hogs last week 6.3 percent more than in the week before, according to the USDA. December futures for hogs retreated $0.0013 (0.14 percent) to $0.8780 per pound CME today.

If you have any questions and comments on the commodities today, use the form below to reply.

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