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Soybeans & Coffee Lose Part of Gains, Hogs & Cattle Keep Rally

November 28, 2013 at 0:45 by Vladimir Vyun

Soybeans retreated today after rising yesterday. China canceled orders for 300,000 metric tons of the oilseed from the United States. Nevertheless, US exporter managed to sell 360,000 tons to an unknown destination. January futures for delivery of soybeans slipped $0.0925 (0.7 percent) to $13.2000 per bushel as of 00:31 GMT on CBoT today following the increase to $13.3650 yesterday.

Coffee also lost part of yesterday’s gains. Vietnamese farmers were withholding the commodity from export, expecting prices to rise. Vietnamese exports plunged 34 percent to 80,000 metric tons in November from a year ago. Contract for delivery of Arabica coffee in March rose 0.4 to $1.0915 per pound yesterday, but dropped $0.0065 (0.6 percent) to $1.0810 on ICE today.

Hogs advanced today as fewer animals were slaughtered in the USA. Cattle maintained earlier rally. The US Department of Agriculture reported that 861,000 hogs were slaughtered by the start of this week, 1.7 percent less than a week ago. February futures for hogs advanced $0.0008 (0.08 percent) to $0.9048 per pound on CME. Live cattle added $1.08 (0.81 percent) to $1.3410 per pound.

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