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Sugar Fluctuates; Cattle, Cotton & Hogs Rise on Demand

June 25, 2010 at 19:49 by Vladimir Vyun

Sugar futures were shifting from losses and gains, after jumping to the highest level in nine weeks in New York on speculation that demand would remain at the present level. Complicated credit situation and high prices depleted sugar inventories last year, prompting consumers to restock their supplies and supporting demand. October delivery for raw sugar slid $0.0001 (0.1 percent) to $0.1618 per pound on ICE Futures U.S. October futures for white-sugar delivery added $10.60 (2.3 percent) to $478.70 per metric ton on the Liffe exchange.

Hog and cattle futures gained on prospect for resuming imports of U.S. chicken to Russia would cause the U.S. meat supplies to dwindle. Russia, previously the biggest consumer of U.S. chicken, has agreed to lift a five-month-old ban on the meat after yesterday’s meeting of U.S. and Russian presidents. August futures for hog settlement advanced $0.00225 (0.3 percent) to $0.83475 per pound by 10:57 on CME. August futures for cattle delivery rose $0.0025 (0.3 percent) to $0.894 per pound.

Cotton prices rose on outlook for increasing demand from mills in the U.S., the biggest exporter of the fiber. U.S. mills used the fiber at an adjusted annual rate of 3.582 million bales in May, compared to the April rate of 3.48 million and up 7.6 percent compared to the previous year. December delivery for cotton gained $0.0028 (0.4 percent) to $0.79 per pound at 10:10 a.m. on ICE.

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