Rich Nelson News
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Cattle futures fell for the first time in three days on speculation that U.S. grocers may have filled meat orders for the Memorial Day holiday. Hogs also dropped.
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U.S. farmers probably will increase corn planting by 3.7 percent this year from 2010 and reduce soybean acreage by 0.3 percent, based on an analysis of crop prices by agricultural broker and researcher Allendale Inc.
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Hog futures rose to a two-week high on speculation that U.S. retail pork demand is increasing after wholesale prices slid to a two-month low. Cattle also gained.
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Texas cattle ranchers, the biggest suppliers in the world’s top beef-producing nation, will cull the most breeding cows ever this year as drought increases feed costs, driving livestock prices to a record.
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Hog and cattle futures fell to two- week lows meat on speculation that processors will cut production in advance of the U.S. Independence Day holiday.
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Pork stockpiles in the U.S. fell 7.4 percent at the end of October from a year earlier, after farmers reduced the size of their herds to support prices, the government said.
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Hog futures fell the most in a month on signs that U.S. demand will wane as supplies rise. Cattle had the biggest drop since May.
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U.S. hog producers may be reducing breeding herds because of high feed costs, signaling a continuing rally in pork prices that are already forecast to climb more than any other food this year.
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A prolonged drought from Kansas to Texas probably forced U.S. ranchers to sell more cattle to feedlots last month, signaling increased supplies for meat processors including Tyson Foods Inc. and lower beef prices.
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The worst U.S. drought in a half century and record feed prices are spurring farmers to shrink cattle herds to the smallest in two generations, driving beef prices higher.
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