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Supply & Demand Make Hogs & Cattle Rally, Corn Fall

June 5, 2013 at 0:06 by Vladimir Vyun

Hogs rallied today on speculations that demand for meat in the United States will increase, while supply will dwindle. Cattle also gained. The US Department of Agriculture reported that meat plants slaughtered 402,000 hogs yesterday, 1.5 percent less than a year ago. August futures for cattle advanced $0.0018 (0.15 percent) to $1.203 per pound as of 23:49 GMT on CME today. Contract for delivery of hogs went up $0.0008 (0.08 percent) to $0.9483 per pound.

Meanwhile, corn declined on concerns that demand for US crops will fall, while global production will rise. Traders were also worried that China will turn to cheaper exports to get the grain. The USDA predicted last month that world output of corn may grow 13 percent to the record of 965.8 million metric tons, the biggest annual increase since 2005. December futures for delivery of corn dropped as much as $0.07 (1.25 percent) to $5.53 per bushel on CBoT today.

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