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Soybeans Fall on Weather, Beef & Cattle Rally to Record

June 18, 2014 at 1:26 by Vladimir Vyun

Soybeans dropped today on signs that conditions for crops are improving in the United States, promising bigger output. The US Department of Agriculture reported that about 73 percent of crops were in good or excellent condition by the end of last week, compared to 64 percent in the same period a year ago. The US is the world’s biggest growth of the oilseed. November futures for delivery of soybeans declined $0.035 (0.29 percent) to $12.085 per bushel as of 1:11 GMT on CBoT today.

Meanwhile, prices for cattle rose, reaching a record level, as the size of the US herd was smallest in at least six decades. Prices for beef also rallied as a result, reaching the all-time high. The Bureau of Labor Statistics reported that beef jumped 16 percent in May from the previous year to the record level of $3.856 per pound on average at grocery stores. At the same time, demand for meat increases as the summer period encourages outdoor grilling. August futures for delivery of live cattle gained $0.0015 (0.10 percent) to $1.4588 per pound on CME today, touching $1.4775 yesterday — the all-time high for a most-active contract.

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