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Sugar Rises; Cattle, Corn, Hogs, Soybeans & Wheat Fall

June 4, 2010 at 20:50 by Vladimir Vyun

Corn, soybeans and wheat declined after the nonfarm payrolls showed the lower number of new employees hired than was expected, causing concern that demand for the crops would fall. The nonfarm payroll employment grew by 431,000 in May, compared with the estimated increase of 521,000. July futures for corn delivery dropped $0.04 (1.1 percent) to $3.455 per bushel as of 10:05 on the Chicago Board of Trade. July futures for soybean delivery went down $0.1175 (1.2 percent) to $9.4325 per bushel on CBoT. July futures for wheat delivery subtracted $0.0225 (0.5 percent) to $4.395.

Sugar rose on speculation that buyers will increase purchases to restock their inventories, which waned after two year of the global deficit. India, the largest sugar buyer in the world, may import 1 million tons before the end of September. July delivery for raw sugar rose $0.007 (5 percent) to $0.1469 per pound at 10:15 on ICE Futures U.S.

Hog and cattle futures slipped as the stronger dollar caused concern that demand for U.S. pork and beef will decline. The dollar gained to the highest level in 14 months against the basket of six major currencies, making U.S. exports more expensive for oversees buyers. July futures for hog settlement slid $0.01475 (1.8 percent) to $0.8015 per pound by 11:53 on the Chicago Mercantile Exchange. August futures for cattle delivery fell $0.0125 (1.4 percent) to $0.88875 per pound.

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