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Wheat Declines, Hogs & Corn Fall on Outlook for Low Demand

May 13, 2010 at 21:11 by Vladimir Vyun

Wheat slid to the lowest level in two weeks on expectations that stored grain will be made available to processors and shippers as U.S. farmers prepare to harvest this year’s crop. This change can be considered a seasonal move caused by a forthcoming harvest. July futures for wheat delivery slid $0.07 (1.4 percent) to $4.845 per bushel as of 10:33 on CBoT.

Hogs dropped today amid concerns that demand will fall after U.S. wholesale pork prices jumped to the highest level in 21 months. Wholesale pork price reached $0.913 per pound yesterday, the highest level since August 2008. June settlement for hog futures dropped $0.008 (0.9 percent) to $0.8485 per pound by 11:28 on the Chicago Mercantile Exchange.

Corn slipped today as declining oil prices diminished demand for the grain used in production of ethanol and U.S. farmers started sales of stockpiles left from the record harvest of the previous year. The prices were also cut by speculations that China’s demand of the U.S. corn was exaggerated. July futures for corn delivery slipped $0.0425 (1.1 percent) to $3.74 per bushel at 12:59 on CBoT.

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