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Wheat Rallies, Cattle & Hogs Drop with Fluctuations of Demand

May 24, 2013 at 0:16 by Vladimir Vyun

Wheat climbed, posting the biggest jump in two weeks, on signs of increasing demand for US exports. The US Department of Agriculture reported that US exporters sold 952,561 metric tons of the grain last week, the biggest amount since April 11. The United States is the biggest exporter of wheat in the world.

Meanwhile, cattle dropped as demand waned. Hogs also fell. According to the USDA data, meatpackers processed 373,000 cattle during the first three days of the week, 0.5 percent less than in the same period a year ago.

July futures for wheat surged $0.1475 (2.14 percent) to $7.0325 per troy ounce as of 23:56 GMT on COMEX today. August futures for cattle declined $0.0005 (0.04 percent) to $1.1815 per pound and hogs dropped $0.2 (0.14 percent) to $1.4245 per pound on CME.

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