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Wheat Rebounds, Cattle Surges to Record

June 14, 2014 at 0:02 by Vladimir Vyun

Wheat rallied today on speculations that the recent slump of prices should spur buying of the commodity. The US Department of Agriculture reported that net sales for the 2014/2015 marketing year, which began June 1, totaled 570,100 metric tons, the most in four months. Egypt bought 180,000 tons yesterday, the first purchase in the marketing year. September futures for delivery of wheat advanced $0.0075 (0.13 percent) to $5.8600 per bushel on CBoT today.

Cattle prices surged to the all-time high today on concerns that US supply will not satisfy demand. Consumption of meat usually increases in summer due to summer grilling, and the Fourth of July holiday in the United States should boost demand even more. Meanwhile, the US cattle herd was at the 63-year low at the start of the year, and by the end of the last week the number of cattle slaughtered was 6.3 percent lower than in the same period a year ago, according to the USDA estimates. August contract for cattle jumped as much as 1.1 percent to close at $1.46625 per pound on CME after touching the record of $1.473.

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