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Soybeans Bounce Ahead of USDA, Hogs Erase Gains of 2014

December 8, 2014 at 20:53 by Vladimir Vyun

Futures for soybeans dipped earlier today but bounced as of now. Prices were fluctuating as traders were trying to guess what this week’s report from the US Department of Agriculture will show. Experts predict that the agency will reduce its forecast for 2014–15 soybeans ending stocks. January contract for delivery of soybeans advanced 0.75 percent to $10.4375 per bushel as of 20:38 GMT on CBoT today.

Hogs declined today as growing supply eased concerns about impact of a deadly pig virus. Prices rallied as much as 56 percent in the first quarter of this year as market participants were concerned that the deadly porcine epidemic diarrhea virus will hurt supplies. Such fears waned after US herd expanded 6.1 percent during summer and pork production was heading to a record. Futures erased this year’s gains completely as a result. February hogs declined 0.50 percent to $0.8520 per pound on CME today.

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