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May 23rd, 2013
Cattle futures fell for a second straight day on speculation that U.S. beef demand is easing. Hog prices also declined.
Retailers probably have already filled meat orders for grilling demand for the Memorial Day holiday weekend, which starts May 25, said Dick Quiter, an account executive at McFarland Commodities LLC. Meatpackers processed 373,000 cattle during the first three days of the week, down 0.5 percent from a year earlier, U.S. Department of Agriculture data show.
“Demand seems to be a little bit lighter than what they hoped,” Quiter said in a telephone interview from Chicago. “Most of the retail buying for Memorial Day and maybe out even into Father’s Day, they pretty much have got that locked up.”
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May 17th, 2013
Natural gas futures will trade below $4 per million British thermal units for the rest of the year, according to a KPMG LLP Global Energy Institute survey of U.S. energy executives.
The survey showed 73 percent forecast that the price will range from $3 to $4 in 2013. Gas for June delivery settled at $3.932 yesterday, down 12 percent from the 2013 high of $4.444 in intraday trading on May 1.
“Greater assurance of supply appears to be stabilizing commodity price environments and enabling large investments,” said Regina Mayor, Houston-based oil and gas sector leader for KPMG. “At the same time, marginal production remains shut in which could quickly be reinstated.”
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May 17th, 2013
Soybean futures rose in Chicago, set for the biggest weekly gain since January, on signs of sustained Chinese demand and on speculation a pickup in U.S. corn planting may leave less acreage for sowing the oilseed.
China, the biggest soybean importer, purchased 79 percent of 346,634 metric tons sold by U.S. exporters in the week ended May 9 for delivery in the year beginning Sept. 1, the Department of Agriculture reported yesterday. That takes total U.S. sales for the next marketing year to 8.86 million tons before most farmers even planted their crops, USDA data show.
“Sustained U.S. soybean export sales to China supported soybean values,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a report today.
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