Soybean Use Declined in U.S.; Hogs & Cattle Fell
Soybean processing in U.S. declined 7.4 percent last month from a year earlier with lower demand for animal feed and vegetable oil and inventories, shrinking from July levels. U.S. feed consumption slowed as beef, pork and dairy producers reduced herds to decrease losses. Farmers are selling dairy cows for slaughter after the government forecast that milk prices will fall 34 percent in 2009. November futures for soybean declined $0.235 (2.5 percent) to $9.03 per bushel on September 11th on CBoT.
Hog futures slid to the
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