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Soybeans & Wheat Rally, Cattle & Hogs Do Not Follow

October 23, 2013 at 20:41 by Vladimir Vyun

Soybeans rebounded from the previous decline on signs of increasing demand. Wheat also rose today. Russia surprised traders as it purchased 120,000 metric tons of soybeans from the United States, according to the report of the US Department of Agriculture. Ethanol production was growing, leading to rising demand for the oilseed used in making of biofuel. Wheat was rising on concerns about drought in Argentina, the biggest South African exporter. January futures for delivery of soybeans advanced $0.0650 (0.5 percent) to $13.0400 per bushel as of 20:31 GMT on CBoT today. Wheat rallied $0.0010 (0.14 percent) to $7.0175 per bushel.

Demand for US meat was also high, but it did not prevent hogs from dropping today, while live cattle rose only marginally. December hogs dropped $0.0048 (0.54 percent) to $0.8810 per pound on CME today. Live cattle was up 0.0013 (0.09 percent) to $1.3310 per pound.

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